The Davenport, IA market saw an increase in closings of new homes in April year-over-year, rebounding from a year-over-year decline in March 2016. New home closings moved from 12 a year earlier to 14 after the figure moved from 19 in March 2015 to 9 in March 2016.
A total of 175 new homes were sold during the 12 months that ended in April, up from 173 for the year that ended in March.
14 of the 521 total closings were new home closings, a shift on a percentage basis from 12 out of 550 a year earlier. For new and existing homes, closings sank in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average new home price was $303,607, down from $317,458 a year earlier. This was on the heels of a 26.2% decline in March from a year earlier.
The average mortgage size went down to $251,187 from $316,356 a year earlier. Average mortgage size on new homes went from $290,633 in March 2015 to $272,098 in March 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 2,058 square feet a year earlier to 1,233 square feet.
Foreclosures and real estate owned (REO) closings continued to increase in April from a year earlier and remained a drag on the market. Together, foreclosures plus REO closings accounted for 25.8% of existing home closings, up from 17.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.8% in April from 8.2% a year earlier while REO closings as a percentage of existing home closings gained to 14.0% from 9.3%.