In the Cheyenne, WY market in January, closings of new homes declined year-over-year, but the decline was less than the year-over-year decline in December. New home closings moved from 10 a year earlier to 2 after the figure moved from 18 in December 2014 to 2 in December 2015.
New home closings were 2 out of the 156 total closings, down on a percentage basis from 10 of 144 a year earlier. After dropping in December from a year earlier, closings of new and existing homes gained year-over-year in January.
Pricing and Mortgage Trends
The average value of newly sold homes in January 2016 was $258,228, down from last year's $305,097. This followed a 36.2% fall in December from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $268,159 to $226,966. Average mortgage size on new homes went from $322,094 in December 2014 to $204,324 in December 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes rose from 1,466 square feet a year earlier to 1,518 square feet.
Foreclosures and real estate owned (REO) closings continued to increase in January from a year earlier and remained a drag on the market. Foreclosures and REO closings, taken together, made up 27.3% of existing home closings, higher than 23.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 19.5% in January from 13.4% a year earlier while REO closings as a percentage of existing home closings sank to 7.8% from 10.4% a year earlier.