New home closings slid year-over-year in May in the Davenport, IA market, sliding after a growth in April 2016. New home closings moved from 19 a year earlier to 12 after the figure moved from 12 in April 2015 to 14 in April 2016.
A total of 168 new homes were sold during the 12 months that ended in May, down from 175 for the year that ended in April.
Last year, 19 of 606 total closings were new homes, and this percentage saw a decline as new home closings this year made up 12 of the 603 total closings. Closings of new and existing homes stayed level after declining in April year-over-year.
Pricing and Mortgage Trends
The average new home price was $416,708, up from $322,026 a year earlier. This followed a 4.4% drop in April from a year earlier.
Average mortgage size on new homes increased to $333,010 from $268,268 last year. Average mortgage size on new homes went from $316,356 in April 2015 to $251,187 in April 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2016.
The average unit size of newly sold homes fell from 1,959 square feet a year earlier to 1,778 square feet.
Foreclosures and real estate owned (REO) closings rose in May from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings made up 18.8% of existing home closings, up from 18.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 10.5% in May from 8.3% a year earlier while REO closings as a percentage of existing home closings declined to 8.3% from 9.9% a year earlier.