New home closings in the St. Cloud, MN market slid year-over-year in December, but the decline was less than the year-over-year decline in November. New home closings moved from 6 a year earlier to 2 after the figure moved from 4 in November 2014 to 1 in November 2015.

A total of 50 new homes were sold during the 12 months that ended in December, down from 54 for the year that ended in November.

New home closings were 2 out of the 211 total closings, down on a percentage basis from 6 of 186 a year earlier. After dropping in November from a year earlier, closings of new and existing homes jumped year-over-year in December.

The average per-unit price of new homes was $209,900, compared with $284,732 last year. This came after a 18.5% decline in November from a year earlier.

Other Market Trends

The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.

Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in December, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 9.1% of existing home closings, down from 10.6% a year earlier. The percentage of existing home closings involving foreclosures stayed at no part of closings in December from a year earlier while REO closings as a percentage of existing home closings slid to 9.1% from 10.6% a year earlier.

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