The Sioux City, IA market saw a drop in new home closings year-over-year in June, dropping after a year-over-year increase in May 2015. New home closings moved from 3 a year earlier to 1 after the figure moved from 2 in May 2014 to 5 in May 2015.
New home closings were 1 out of the 188 total closings, a move on a percentage basis from 3 of 197 a year earlier. Closings of new and existing homes fell year-over-year in June after also falling in May year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $287,000 from $200,833 a year ago. This followed a 21.3% surge in May year-over-year.
From the year-ago figure of $127,135, the average mortgage size on new homes moved up to $229,350. Average mortgage size on new homes went from $193,250 in May 2014 to $241,100 in May 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in June 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 12.8% of existing home closings, below 20.6% a year earlier. The percentage of existing home closings involving foreclosures dropped to 4.3% in June from 10.3% a year earlier while REO closings as a percentage of existing home closings slid to 8.6% from 10.3% a year earlier.