In the Sioux City, IA market in March, closings of new homes declined year-over-year, falling after remaining level in February from the year earlier. Closings stood at 2 in March after being 3 a year earlier and remaining unchanged at 3 in February from a year earlier.
New home closings were 2 out of the 145 total closings, a move on a percentage basis from 3 of 152 a year earlier. Closings of new and existing homes fell year-over-year in March after also falling in February year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $235,000, an increase from $148,500 a year earlier. This was on the heels of a 40.7% boost in February year-over-year.
Average mortgage size on new homes moved from $113,154 to $112,425. Average mortgage size on new homes went from $183,250 in February 2015 to $198,567 in February 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 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. Combined, foreclosures plus REO closings accounted for 12.6% of existing home closings, below 14.8% a year earlier. The percentage of existing home closings involving foreclosures went from 4.7% in March 2015 to 4.9% in March 2016 and REO closings as a percentage of existing home closings sank to 7.7% from 10.1% a year earlier.