In the Casper, WY market in May, new home closings dropped year-over-year, and the decline was by a larger percentage than the April 2016. New home closings moved from 10 a year earlier to 1 after the figure moved from 8 in April 2015 to 1 in April 2016.
Last year, 10 of 176 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 160 total closings. Closings of new and existing homes slid year-over-year in May after also falling in April year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $185,380, compared with $348,481 last year. This was on the heels of a 39.0% hike in April year-over-year.
The average mortgage size went down to $148,304 from $287,687 a year earlier. Average mortgage size on new homes went from $271,482 in April 2015 to $343,900 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 increased in May from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings made up 21.4% of existing home closings, up from 10.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 16.4% in May from 6.0% a year earlier and REO closings moved from 4.8% of existing home closings in May 2015 to 5.0% in May 2016.