In November, the Iowa City, IA market saw a drop year-over-year in new home closings, and the decline was by a larger percentage than the October 2015. New home closings moved from 21 a year earlier to 5 after the figure moved from 17 in October 2014 to 12 in October 2015.
A total of 255 new homes were sold during the 12 months that ended in November, down from 271 for the year that ended in October.
New home closings were 5 out of the 137 total closings, down on a percentage basis from 21 of 267 a year earlier. Following a year-over-year decline in October, closings of new and existing homes also sank year-over-year in November.
Pricing and Mortgage Trends
The average new home price was $312,400, down from $355,071 a year earlier. This came after a 62.0% lift in October year-over-year.
Average mortgage size on new homes fell from $295,901 to $266,529. Average mortgage size on new homes went from $229,598 in October 2014 to $344,485 in October 2015.
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 rose from 1,802 square feet a year earlier to 1,894 square feet.
Foreclosures and real estate owned (REO) closings increased in November from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 8.3% of existing home closings, up from 7.7% a year earlier. The percentage of existing home closings involving foreclosures went from 4.9% in November 2014 to 4.5% in November 2015 and REO closings moved from 2.8% of existing home closings in November 2014 to 3.8% in November 2015.