Closings of new homes in the Ames, IA market gained year-over-year in July,. Closings stood at 17 in July after being 13 a year earlier and remaining unchanged at 12 in June from a year earlier.
A total of 90 new homes were sold during the 12 months that ended in July, up from 86 for the year that ended in June.
New home closings were 17 of the 203 total closings, up on a percentage basis from 13 of 201 a year earlier. Closings of new and existing homes stayed level after declining in June year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $349,124, an increase from $257,308 a year earlier. This came after a 8.6% decline in June from a year earlier.
Average mortgage size on new homes increased to $301,456 from $270,869 last year. Average mortgage size on new homes went from $263,586 in June 2014 to $271,839 in June 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 1,688 square feet a year earlier to 2,224 square feet.
Foreclosures and real estate owned (REO) closings increased in July from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 7.0% of existing home closings, above 3.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 3.2% in July from 1.1% a year earlier while REO closings as a percentage of existing home closings increased to 3.8% from 2.7%.