In the Davenport, IA market, closings of new homes dropped year-over-year in February, and the decline was by a larger percentage than the January 2016. New home closings moved from 16 a year earlier to 5 after the figure moved from 18 in January 2015 to 15 in January 2016.
A total of 178 new homes were sold during the 12 months that ended in February, down from 189 for the year that ended in January.
New home closings were 4.5% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 5 of the 322 total closings. Following a year-over-year increase in January, closings of new and existing homes slid year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes rose to $345,100 from last year's $341,125. This was on the heels of a 19.3% fall in January from a year earlier.
Average mortgage size on new homes fell from $277,805 to $256,074. In January 2016, average mortgage size on newly sold homes saw a 9.9% decline from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.
The average unit size of newly sold homes fell from 2,105 square feet a year earlier to 1,771 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in February, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 24.6% of closings, below 30.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 10.1% in February from 13.9% a year earlier while REO closings as a percentage of existing home closings dropped to 14.5% from 16.8% a year earlier.