There was a rise in new home closings in the Dubuque, IA market in April year-over-year, and the increase was greater than March 2016. New home closings moved from 6 a year earlier to 10 after the figure moved from 4 in March 2015 to 5 in March 2016.
New home closings were 10 out of 116 total closings, making up 8.6%. This is up on a percentage basis from 6 of 128 a year earlier. Following a year-over-year decline in March, closings of new and existing homes also sank year-over-year in April.
Pricing and Mortgage Trends
The average new home price was $265,655, a move from $268,167 a year earlier. This came after a 2.1% fall in March from a year earlier.
The average mortgage size moved to $236,047, down from last year's $240,062. Average mortgage size on new homes went from $196,938 in March 2015 to $192,052 in March 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 April 2016.
The average unit size of newly sold homes fell from 1,984 square feet a year earlier to 1,631 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 6.6% of existing closings, lower than 10.7% a year earlier. The percentage of existing home closings involving foreclosures went from 4.1% in April 2015 to 3.8% in April 2016 and REO closings as a percentage of existing home closings slid to 2.8% from 6.6% a year earlier.