Closings of new homes in the Casper, WY market slid year-over-year in June, but the decline was less than the year-over-year decline in May. New home closings moved from 13 a year earlier to 4 after the figure moved from 10 in May 2015 to 1 in May 2016.
Last year, 13 of 211 total closings were new homes, and this percentage saw a decline as new home closings this year made up 4 of the 187 total closings. Following a year-over-year decline in May, closings of new and existing homes also sank year-over-year in June.
Pricing and Mortgage Trends
The average new home price was $331,638, down from $337,203 a year earlier. This came after a 46.8% fall in May from a year earlier.
There was a decline in average mortgage size on new homes, going from $277,907 last year to $265,310 in June 2016. Average mortgage size on new homes went from $287,687 in May 2015 to $148,304 in May 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 June 2016.
Foreclosures and real estate owned (REO) closings increased in June from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 20.2% of existing home closings, up from 9.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.5% in June from 4.0% a year earlier while REO closings as a percentage of existing home closings gained to 8.7% from 5.1%.