New home closings slid year-over-year in November in the Dubuque, IA market, but the decline was less than the year-over-year decline in October. New home closings moved from 6 a year earlier to 5 after the figure moved from 6 in October 2014 to 3 in October 2015.
A total of 68 new homes were sold during the 12 months that ended in November, down from 69 for the year that ended in October.
New home closings were 6.7% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 5 of the 101 total closings. Closings of new and existing homes grew year-over-year in November following a decline in October year-over-year.
Pricing and Mortgage Trends
The average new home value went from $261,250 last year to $273,900. This came after a 6.8% surge in October year-over-year.
Average mortgage size on new homes went from $202,020 a year earlier to $237,656. Average mortgage size on new homes went from $185,572 in October 2014 to $206,917 in October 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2015.
There was a move in the average unit size of newly sold homes from 1,412 square feet in November 2014 to 1,423 square feet in November 2015.
Foreclosures and real estate owned (REO) closings rose in November from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 13.5% of existing home closings, higher than 9.5% a year earlier. The percentage of existing home closings involving foreclosures went from 9.5% in November 2014 to 10.4% in November 2015 and REO closings as a percentage of existing home closings jumped to 3.1% from no part.