In the Davenport, IA market, closings of new homes fell year-over-year in July, but compared with June 2015, the percentage decline was less steep, suggesting that the market may be leveling out. There was a 15.8% fall in new home closings from a year earlier. This came after a 31.8% fall year-over-year in June.
A total of 214 new homes were sold during the 12 months that ended in July, down from 217 for the year that ended in June.
Out of all housing closings, new home closings accounted for 4.7%. This marks a rise from 2.8% of total closings a year earlier. For new and existing homes, closings sank in July after also declining in June year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 9.4% lift year-over-year to $441,125 per unit in July. This gain is higher than the 4.9% bump in June year-over-year.
For newly sold homes, the average mortgage size saw a gain year-over-year along with new home prices. In July 2015, the average mortgage size on newly sold homes saw a 9.9% gain from a year earlier. Average mortgage size climbed 4.4% in June 2015 from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have gained from last year while closings of single-family homes have fallen. The share of new home closings belonging to attached units gained from no part of closings in July 2014 to 12.5% of closings in July 2015. Meanwhile, single-family home closings as a percentage of all new home closings fell to 87.5% of closings from all of closings.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 11.8% of existing home closings, below 19.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 6.2% in July from 10.0% a year earlier while REO closings as a percentage of existing home closings fell to 5.6% from 9.9% a year earlier.