Closings of new homes sank year-over-year in October in the Sioux City, IA market, but the decline was less than the year-over-year decline in September. New home closings moved from 5 a year earlier to 3 after the figure moved from 4 in September 2014 to 2 in September 2015.
3 of the 185 total closings were new home closings, a shift on a percentage basis from 5 out of 203 a year earlier. Closings of new and existing homes declined year-over-year in October after also falling in September year-over-year.
Pricing and Mortgage Trends
The average new home price was $284,333, up from $259,300 a year earlier. This followed a 6.7% rise in September year-over-year.
Average mortgage size on new homes rose from $196,250 to $295,208. Average mortgage size on new homes went from $176,990 in September 2014 to $254,825 in September 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 October 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in October, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 10.4% of existing closings, lower than 16.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 4.4% in October from 5.6% a year earlier while REO closings as a percentage of existing home closings sank to 6.0% from 11.1% a year earlier.