In January, the Davenport, IA market saw a decline year-over-year in new home closings, but the decline was less than the year-over-year decline in December. New home closings moved from 18 a year earlier to 15 after the figure moved from 17 in December 2014 to 11 in December 2015.
A total of 186 new homes were sold during the 12 months that ended in January, down from 189 for the year that ended in December.
New home closings accounted for 3.3% of overall housing closings. This is down from the 4.4% of closings a year earlier. For new and existing homes, closings increased year-over-year in January after also increasing in December year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 19.3% fall year-over-year to $330,967 per unit in January. This decline is larger than the 6.5% fall in December from a year earlier.
For newly sold homes, the average mortgage size sank year-over-year in contrast to average price of new homes. Average mortgage size declined 9.9% to $277,255 in January from a year earlier. Average mortgage size on new homes went from $338,430 in December 2014 to $309,207 in December 2015.
Other Market Trends
As a percentage of new home closings, attached unit closings have grown from last year while single-family home closings have dropped. Attached unit closings climbed from no part of all closings in January 2015 to 6.7% of closings in January 2016. At the same time, the share belonging to single-family homes slid to 93.3% of closings from all of closings.
Foreclosures and real estate owned (REO) closings declined in January from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 26.0% of closings, below 31.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 14.1% in January from 17.9% a year earlier while REO closings as a percentage of existing home closings slid to 11.8% from 13.3% a year earlier.