The St. Cloud, MN market saw a rise in new home closings in June year-over-year, rebounding from a year-over-year decline in May 2016. New home closings moved from 8 a year earlier to 11 after the figure moved from 10 in May 2015 to 9 in May 2016.
A total of 109 new homes were sold during the 12 months that ended in June, up from 106 for the year that ended in May.
New home closings were 11 out of the 377 total closings, a move on a percentage basis from 8 of 354 a year earlier. For new and existing homes, closings jumped year-over-year in June after also increasing in May year-over-year.
The average price of new homes rose to $274,967 from last year's $259,988. This was on the heels of a 2.4% hike in May year-over-year.
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 1,831 square feet a year earlier to 2,195 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 4.1% of existing home closings, below 6.6% a year earlier. The percentage of existing home closings involving foreclosures stayed at no part of closings in June from a year earlier while REO closings as a percentage of existing home closings fell to 4.1% from 6.6% a year earlier.