Closings of new homes in the Cheyenne, WY market fell year-over-year in July, and the decline was by a larger percentage than the June 2016. New home closings moved from 25 a year earlier to 3 after the figure moved from 19 in June 2015 to 10 in June 2016.

A total of 183 new homes were sold during the 12 months that ended in July, down from 205 for the year that ended in June.

New home closings were 3 out of the 229 total closings, down on a percentage basis from 25 of 245 a year earlier. Closings of new and existing homes sank year-over-year in July after also falling in June year-over-year.

Pricing and Mortgage Trends

The average price of new homes was $325,590, an increase from $307,990 a year earlier. This came after a 6.5% boost in June year-over-year.

From the year-ago figure of $275,886, the average mortgage size on new homes moved up to $286,942. Average mortgage size on new homes went from $262,289 in June 2015 to $298,205 in June 2016.

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 fell from 1,588 square feet a year earlier to 1,550 square feet.

Foreclosures and real estate owned (REO) closings rose in July from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 13.3% of existing home closings, higher than 8.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 7.1% in July from 3.6% a year earlier while REO closings as a percentage of existing home closings jumped to 6.2% from 5.0%.

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