Closings of new homes in the Sioux City, IA market remained unchanged year-over-year in August, remaining unchanged after minimal movement in July from the year earlier. Closings were unchanged at 3 from a year earlier after remaining steady at 6 in July from the year earlier.
3 of the 163 total closings were new home closings, a shift on a percentage basis from 3 out of 193 a year earlier. For new and existing homes, closings sank in August after also declining in July year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $326,000 from last year's $202,667. This came after a 7.4% lift in July year-over-year.
From the year-ago figure of $156,435, the average mortgage size on new homes moved up to $280,067. Average mortgage size on new homes went from $179,679 in July 2014 to $220,782 in July 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 11.9% of existing closings, lower than 16.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 6.9% in August from 7.9% a year earlier while REO closings as a percentage of existing home closings declined to 5.0% from 8.4% a year earlier.