In the Davenport, IA market in March, closings of new homes dropped 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.
New home closings represented 9 out of the 384 total closings, which is a smaller percentage than the 19 of 545 total closings a year earlier. For new and existing homes, closings slid in March after also declining in February year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in March 2016 was $275,833, down from last year's $373,711. This was on the heels of a 1.2% boost in February year-over-year.
There was a decline in average mortgage size on new homes, going from $290,633 last year to $272,098 in March 2016. 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.
The average unit size of newly sold homes went 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 look to be a burden on the market. Foreclosures and REO closings, taken together, represented 24.3% of existing closings, lower than 27.4% a year earlier. The percentage of existing home closings involving foreclosures fell to 10.9% in March from 15.2% a year earlier while REO closings as a percentage of existing home closings climbed to 13.3% from 12.2%.