In the Davenport, IA market in March, closings of new homes sank year-over-year, but the decline was less than the year-over-year decline in February. New home closings moved from 19 a year earlier to 9 after the figure moved from 16 in February 2015 to 5 in February 2016.
A total of 173 new homes were sold during the 12 months that ended in March, down from 183 for the year that ended in February.
On a percentage basis, new home closings as a part of total closings decreased to 2.3% from 3.5% a year earlier. Following a year-over-year decline in February, closings of new and existing homes also slid year-over-year in March.
Pricing and Mortgage Trends
The average per-unit price of new homes was $275,833, compared with $373,711 last year. This was on the heels of a 1.2% rise in February year-over-year.
Average mortgage size on new homes fell from $290,633 to $272,098. Average mortgage size on new homes went from $277,805 in February 2015 to $256,074 in February 2016.
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.
There was a move in the average unit size of newly sold homes from 2,509 square feet in March 2015 to 2,487 square feet in March 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in March, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 24.3% of existing home closings, down from 27.4% a year earlier. The percentage of existing home closings involving foreclosures dropped to 10.9% in March from 15.2% a year earlier while REO closings as a percentage of existing home closings gained to 13.3% from 12.2%.