Closings of new homes in the Sioux City, IA market sank year-over-year in April, but the decline was less than the year-over-year decline in March. New home closings moved from 4 a year earlier to 3 after the figure moved from 3 in March 2015 to 2 in March 2016.
Out of the 138 total closings, 3 were new home closings. This is consistent on a percentage basis with a year earlier. Closings of new and existing homes slid year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $260,667 from $236,900 a year ago. This was on the heels of a 58.2% surge in March year-over-year.
There was a decline in average mortgage size on new homes, going from $219,319 last year to $164,500 in April 2016. It went from $113,154 to $112,425 from March 2015 to March 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 April 2016.
The average unit size of newly sold homes fell from 1,991 square feet a year earlier to 1,274 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 14.1% of closings, below 18.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 6.7% in April from 4.0% a year earlier while REO closings as a percentage of existing home closings sank to 7.4% from 14.7% a year earlier.