In the Cheyenne, WY market, new home closings dropped year-over-year in August, but the decline was less than the year-over-year decline in July. New home closings moved from 4 a year earlier to 3 after the figure moved from 4 in July 2014 to none in July 2015.
3 of the 239 total closings were new home closings, a shift on a percentage basis from 4 out of 231 a year earlier. Closings of new and existing homes rose year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $265,048, compared with $366,471 last year. This was on the heels of a.
The average mortgage size on new homes was $361,831, up from $331,962.
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 1,964 square feet a year earlier to 1,034 square feet.
Foreclosures and real estate owned (REO) closings rose in August from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 16.1% of existing home closings, above 10.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 10.2% in August from 4.8% a year earlier and REO closings moved from 5.3% of existing home closings in August 2014 to 5.9% in August 2015.