Closings of new homes dropped year-over-year in November in the Ames, IA market, sliding after a growth in October 2015. New home closings moved from 6 a year earlier to 4 after the figure moved from 3 in October 2014 to 7 in October 2015.
A total of 96 new homes were sold during the 12 months that ended in November, down from 98 for the year that ended in October.
On a percentage basis, new home closings as a part of total closings decreased to 1.5% from 6.5% a year earlier. Closings of new and existing homes jumped year-over-year in November following a drop in October year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $223,625, compared with $316,000 last year. This came after a move from $334,833 per unit in October 2014 to $332,943 in October 2015.
Average mortgage size on newly sold homes saw a decline year-over-year from $246,879 to $186,637. Average mortgage size went from $290,925 in October 2014 to $292,379 in October 2015.
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 fell from 2,284 square feet a year earlier to 1,632 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in November, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 2.6% of existing home closings, down from 14.9% a year earlier. The percentage of existing home closings involving foreclosures fell to 1.5% in November from 8.0% a year earlier while REO closings as a percentage of existing home closings slid to 1.1% from 6.9% a year earlier.