New home closings slid year-over-year in October in the Davenport, IA market, a shift downward off a lift in September 2015. New home closings saw a fall of 20.0% from the year earlier to 16. This came on the heels of a 26.7% hike year-over-year in September.
A total of 200 new homes were sold during the 12 months that ended in October, down from 204 for the year that ended in September.
New home closings made up 2.9% of overall housing closings. A year ago, new home closings made up 3.4%. Following a year-over-year increase in September, closings of new and existing homes sank year-over-year in October.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 1.1% decline year-over-year in October to $368,250 per unit. This drop compares to a 6.5% hike in September year-over-year.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. Average mortgage size dropped by 2.1% from a year earlier, settling at $269,441 in October. In September 2015, average mortgage size grew 12.7% 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 October 2015. Single-family home closings have accounted for all of new home closings while attached unit closings have made up no part of closings.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in October, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 18.7% of existing closings, lower than 25.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.4% in October from 10.2% a year earlier while REO closings as a percentage of existing home closings declined to 7.3% from 14.8% a year earlier.