New home closings climbed year-over-year in May in the Dubuque, IA market, and the increase was greater than April 2016. New home closings moved from 9 a year earlier to 16 after the figure moved from 6 in April 2015 to 10 in April 2016.
New home closings were 16 of the 199 total closings, up on a percentage basis from 9 of 189 a year earlier. Following a year-over-year increase in April, closings of new and existing homes also climbed year-over-year in May.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $281,116 from $179,778 a year ago. This followed a 7.3% gain in April year-over-year.
Average mortgage size on new homes increased to $230,365 from $159,744 last year. Average mortgage size on new homes went from $240,062 in April 2015 to $235,775 in April 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2016.
The average unit size of newly sold homes went from 1,950 square feet in May 2015 to 1,958 square feet in May 2016.
Foreclosures and real estate owned (REO) closings increased in May from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 9.3% of existing home closings, above 6.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 4.9% in May from 2.8% a year earlier and REO closings moved from 3.9% of existing home closings in May 2015 to 4.4% in May 2016.