Closings of new homes in the St. Cloud, MN market sank year-over-year in June, sliding after a growth in May 2015. New home closings moved from 6 a year earlier to 5 after the figure moved from 3 in May 2014 to 7 in May 2015.

A total of 66 new homes were sold during the 12 months that ended in June, down from 67 for the year that ended in May.

New home closings represented 5 out of the 347 total closings, which is a smaller percentage than the 6 of 142 total closings a year earlier. For new and existing homes, closings increased year-over-year in June after also increasing in May year-over-year.

The average per-unit price of new homes was $264,709, compared with $289,365 last year. This followed a 2.8% gain in May year-over-year.

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 drop from a year earlier in June, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 6.4% of existing closings, lower than 8.1% a year earlier. The percentage of existing home closings involving foreclosures went from 0.7% in June 2014 to no part in June 2015 and REO closings moved from 7.4% of existing home closings in June 2014 to 6.4% in June 2015.

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