The Davenport, IA market saw a drop in new home closings year-over-year in December, and the decline was by a larger percentage than the November 2015. New home closings moved from 17 a year earlier to 11 after the figure moved from 19 in November 2014 to 15 in November 2015.
A total of 189 new homes were sold during the 12 months that ended in December, down from 195 for the year that ended in November.
New home closings were 11 out of the 507 total closings, down on a percentage basis from 17 of 473 a year earlier. After staying stable in November from a year earlier, closings of new and existing homes jumped in December.
Pricing and Mortgage Trends
The average new home price was $391,864, down from $419,214 a year earlier. This followed a 11.2% bump in November year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $338,430 to $309,207. Average mortgage size increased 31.1% in November 2015 from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in December 2015.
Foreclosures and real estate owned (REO) closings rose in December from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 23.6% of existing home closings, higher than 22.6% a year earlier. The percentage of existing home closings involving foreclosures went from 11.2% in December 2014 to 10.9% in December 2015 and REO closings as a percentage of existing home closings climbed to 12.7% from 11.4%.