Closings of new homes in the Dover, DE market fell year-over-year in October, but the decline in percentage terms was not as steep as September 2015, signaling market improvement. Closings declined 16.7% from a year earlier to 50. This came after a 24.1% fall year-over-year in September.
A total of 602 new homes were sold during the 12 months that ended in October, down from 612 for the year that ended in September.
As a percentage of overall housing closings, new home closings represented 24.8%. This is a drop 27.0% of closings a year earlier. Following a year-over-year rise in September, closings of new and existing homes sank year-over-year in October.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes stayed the same year-over-year in October at $257,444. This comes after a 5.4% boost in September year-over-year.
The average mortgage size on newly sold homes saw a decline year-over-year in contrast to new home prices. Average mortgage size declined by 1.1% from a year earlier, settling at $226,500 in October. In September 2015, average mortgage size climbed 9.0% from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. Single-family home closings increased from 81.7% of new closings in October 2014 to 84.0% of closings in October 2015. Meanwhile, attached units as a percentage of all new home closings declined to 16.0% of closings from 18.3% of closings.
For all new homes sold, the average unit size declined 29.4% year-over-year to 1,647 square feet in October 2015. The average size of newly sold homes moved from 2,276 square feet in September 2014 to 2,810 square feet in September 2015.
Foreclosures and real estate owned (REO) closings fell in October from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings accounted for 27.0% of existing home closings, down from 33.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 11.2% in October from 18.5% a year earlier and REO closings moved from 14.8% of existing home closings in October 2014 to 15.8% in October 2015.