Closings of new homes fell year-over-year in January in the Dubuque, IA market, dropping after a year-over-year increase in December 2015. New home closings moved from 6 a year earlier to none after the figure moved from 6 in December 2014 to 10 in December 2015.
Last year, 6 of 77 total closings were new homes, and this percentage saw a decline as new home closings this year made up none of the 74 total closings. Following a year-over-year rise in December, closings of new and existing homes slid year-over-year in January.
Other Market Trends
There were no new home closings in January 2016, but average size of newly sold homes was 1,829 a year earlier.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in January, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 14.9% of existing home closings, below 25.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 9.5% in January from 12.7% a year earlier while REO closings as a percentage of existing home closings fell to 5.4% from 12.7% a year earlier.