Closings of new homes in the Cheyenne, WY market dropped year-over-year in June, but the decline was less than the year-over-year decline in May. New home closings moved from 19 a year earlier to 10 after the figure moved from 33 in May 2015 to 13 in May 2016.
A total of 205 new homes were sold during the 12 months that ended in June, down from 214 for the year that ended in May.
Last year, 19 of 256 total closings were new homes, and this percentage saw a decline as new home closings this year made up 10 of the 232 total closings. For new and existing homes, closings sank in June after also declining in May year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $323,693 from $303,893 a year ago. This followed a 22.6% rise in May year-over-year.
Average mortgage size on new homes went from $262,289 a year earlier to $298,205. Average mortgage size on new homes went from $266,928 in May 2015 to $296,831 in May 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes fell from 1,550 square feet a year earlier to 1,533 square feet.
Foreclosures and real estate owned (REO) closings rose in June from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings represented 15.3% of existing home closings, up from 7.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 9.5% in June from 2.1% a year earlier and REO closings moved from 5.1% of existing home closings in June 2015 to 5.9% in June 2016.