In the Carson City, NV market in May, new home closings increased year-over-year,. New home closings moved from 1 a year earlier to 3 after the figure moved from none in April 2015 to 1 in April 2016.
New home closings were 3 out of 79 total closings, making up 3.8%. This is up on a percentage basis from 1 of 88 a year earlier. Closings of new and existing homes declined year-over-year in May after also falling in April year-over-year.
The average new home price was $388,051, down from $631,878 a year earlier. This was on the heels of a shift from no closings in April 2015 to an average price of $421,930 in April 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 May 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in May, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 14.5% of closings, below 18.4% a year earlier. The percentage of existing home closings involving foreclosures fell to 5.3% in May from 11.5% a year earlier while REO closings as a percentage of existing home closings grew to 9.2% from 6.9%.