In the Cheyenne, WY market in December, closings of new homes sank year-over-year, but the decline was less than the year-over-year decline in November. New home closings moved from 18 a year earlier to 2 after the figure moved from 19 in November 2014 to none in November 2015.
New home closings were 2 out of the 188 total closings, down on a percentage basis from 18 of 214 a year earlier. Following a year-over-year rise in November, closings of new and existing homes slid year-over-year in December.
Pricing and Mortgage Trends
The average new home price was $222,322, down from $348,212 a year earlier. This followed a.
Average mortgage size on newly sold homes saw a decline year-over-year from $322,094 to $204,324.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings rose in December from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings made up 15.1% of existing home closings, up from 11.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 8.6% in December from 6.6% a year earlier while REO closings as a percentage of existing home closings gained to 6.5% from 5.1%.