New home closings in the Iowa City, IA market fell year-over-year in April, and the decline was by a larger percentage than the March 2016. New home closings moved from 22 a year earlier to 11 after the figure moved from 21 in March 2015 to 11 in March 2016.
A total of 214 new homes were sold during the 12 months that ended in April, down from 225 for the year that ended in March.
New home closings represented 11 out of the 210 total closings, which is a smaller percentage than the 22 of 224 total closings a year earlier. Closings of new and existing homes dropped year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
The average new home price was $284,227, down from $313,841 a year earlier. This came after a 31.6% hike in March year-over-year.
There was a decline in average mortgage size on new homes, going from $259,068 last year to $227,605 in April 2016. Average mortgage size on new homes went from $235,812 in March 2015 to $348,908 in March 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 April 2016.
The average unit size of newly sold homes rose from 1,683 square feet a year earlier to 1,780 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 5.0% of existing home closings, down from 10.9% a year earlier. The percentage of existing home closings involving foreclosures sank to 3.0% in April from 4.5% a year earlier while REO closings as a percentage of existing home closings fell to 2.0% from 6.4% a year earlier.