New home closings fell year-over-year in November in the St. Cloud, MN market, declining after staying relatively stable in October from the year earlier. Closings stood at 1 in November after being 4 a year earlier and remaining unchanged at 6 in October from a year earlier.

A total of 54 new homes were sold during the 12 months that ended in November, down from 57 for the year that ended in October.

On a percentage basis, new home closings as a part of total closings decreased to 0.6% from 2.1% a year earlier. Following a year-over-year decline in October, closings of new and existing homes also sank year-over-year in November.

The average per-unit price of new homes was $170,000, compared with $208,678 last year. This came after a 24.6% fall in October from a year earlier.

Other Market Trends

There was no change in the composition of the new home market with regard to the types of properties sold in November 2015.

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 8.6% of existing home closings, below 9.3% a year earlier. The percentage of existing home closings involving foreclosures stayed at no part of closings in November from a year earlier and REO closings moved from 9.3% of existing home closings in November 2014 to 8.6% in November 2015.

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