In February, there was a decline year-over-year in new home closings in the St. Cloud, MN market, but the decline was less than the year-over-year decline in January. New home closings moved from 9 a year earlier to 5 after the figure moved from 6 in January 2015 to 2 in January 2016.
A total of 43 new homes were sold during the 12 months that ended in February, down from 47 for the year that ended in January.
New home closings were 7.0% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 5 of the 162 total closings. For new and existing homes, closings gained year-over-year in February after also increasing in January year-over-year.
The average value of newly sold homes in February 2016 was $228,400, down from last year's $283,637. This came after a 3.0% drop in January 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 1,975 square feet a year earlier to 2,100 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in February, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 14.6% of existing home closings, down from 20.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 1.9% in February from no part a year earlier while REO closings as a percentage of existing home closings dropped to 12.7% from 20.2% a year earlier.