The Ames, IA market saw a rise in new home closings in August year-over-year, but the increase was less than July 2015. New home closings moved from 7 a year earlier to 9 after the figure moved from 13 in July 2014 to 17 in July 2015.
A total of 92 new homes were sold during the 12 months that ended in August, up from 90 for the year that ended in July.
9 of the 179 total closings were new home closings, a shift on a percentage basis from 7 out of 136 a year earlier. Closings of new and existing homes grew year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in August 2015 was $315,789, down from last year's $344,143. This came after a 35.7% gain in July year-over-year.
There was a decline in average mortgage size on new homes, going from $314,219 last year to $276,646 in August 2015. Average mortgage size on new homes went from $270,869 in July 2014 to $301,456 in July 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.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 6.5% of closings, below 10.1% a year earlier. The percentage of existing home closings involving foreclosures went from 3.9% in August 2014 to 3.5% in August 2015 and REO closings as a percentage of existing home closings sank to 2.9% from 6.2% a year earlier.