In May, the St. Cloud, MN market saw a decline year-over-year in new home closings, but the decline was less than the year-over-year decline in April. New home closings moved from 10 a year earlier to 9 after the figure moved from 6 in April 2015 to 3 in April 2016.
A total of 106 new homes were sold during the 12 months that ended in May, down from 107 for the year that ended in April.
9 of the 339 total closings were new home closings, a shift on a percentage basis from 10 out of 319 a year earlier. For new and existing homes, closings climbed year-over-year in May after also increasing in April year-over-year.
The average new home price was $261,795, up from $255,755 a year earlier. This followed a 23.6% fall in April from a year earlier.
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 rose from 1,804 square feet a year earlier to 2,006 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in May, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 5.5% of existing home closings, down from 7.4% a year earlier. The percentage of existing home closings involving foreclosures went from 0.6% in May 2015 to no part in May 2016 and REO closings as a percentage of existing home closings declined to 5.5% from 6.8% a year earlier.