In the Sioux City, IA market, closings of new homes slid year-over-year in May, but the decline was less than the year-over-year decline in April. New home closings moved from 6 a year earlier to 5 after the figure moved from 4 in April 2015 to 3 in April 2016.
New home closings were 5 out of the 205 total closings, a move on a percentage basis from 6 of 209 a year earlier. Following a year-over-year decline in April, closings of new and existing homes also fell year-over-year in May.
Pricing and Mortgage Trends
The average new home value went from $255,917 last year to $341,900. This followed a 10.0% rise in April year-over-year.
Average mortgage size on new homes rose from $235,213 to $275,252. Average mortgage size on new homes went from $219,319 in April 2015 to $164,500 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.
The average unit size of newly sold homes rose from 1,604 square feet a year earlier to 3,224 square feet.
Foreclosures and real estate owned (REO) closings rose in May from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 14.0% of existing home closings, higher than 7.4% a year earlier. The percentage of existing home closings involving foreclosures went from 3.9% in May 2015 to 4.5% in May 2016 and REO closings as a percentage of existing home closings increased to 9.5% from 3.4%.