In the St. Cloud, MN market, new home closings slid year-over-year in April, a decline following a rise in March 2016. New home closings moved from 6 a year earlier to 1 after the figure moved from 3 in March 2015 to 5 in March 2016.
A total of 40 new homes were sold during the 12 months that ended in April, down from 45 for the year that ended in March.
On a percentage basis, new home closings as a part of total closings decreased to 0.4% from 3.0% a year earlier. Closings of new and existing homes jumped year-over-year in April after also rising in March year-over-year.
The average value of newly sold homes in April 2016 was $207,957, down from last year's $330,222. This was on the heels of a 7.4% lift in March year-over-year.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings increased in April from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings made up 8.6% of existing home closings, up from 5.7% a year earlier. The percentage of existing home closings involving foreclosures went from 1.0% in April 2015 to 0.4% in April 2016 and REO closings as a percentage of existing home closings rose to 8.2% from 4.7%.