In the St. Cloud, MN market in January, closings of new homes sank year-over-year, and the decline was similar to December 2015. New home closings moved from 6 a year earlier to 2 after the figure moved from 6 in December 2014 to 2 in December 2015.
A total of 46 new homes were sold during the 12 months that ended in January, down from 50 for the year that ended in December.
New home closings were 4.5% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 2 of the 140 total closings. Following a year-over-year increase in December, closings of new and existing homes also jumped year-over-year in January.
The average value of newly sold homes in January 2016 was $190,900, down from last year's $196,753. This was on the heels of a 26.3% drop in December from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in January 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in January, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 13.0% of existing closings, lower than 16.5% a year earlier. The percentage of existing home closings involving foreclosures went from no part in January 2015 to 0.7% in January 2016 and REO closings as a percentage of existing home closings slid to 12.3% from 16.5% a year earlier.