There was a rise in closings of new homes in the Dubuque, IA market in July year-over-year, rebounding from a year-over-year decline in June 2015. New home closings moved from 6 a year earlier to 10 after the figure moved from 10 in June 2014 to 5 in June 2015.
A total of 83 new homes were sold during the 12 months that ended in July, up from 79 for the year that ended in June.
New home closings were 10 of the 186 total closings, up on a percentage basis from 6 of 153 a year earlier. For new and existing homes, closings increased year-over-year in July after also increasing in June year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in July 2015 was $275,154, down from last year's $297,917. This was on the heels of a 5.8% lift in June year-over-year.
The average mortgage size moved to $208,700, down from last year's $228,767. Average mortgage size on new homes went from $198,871 in June 2014 to $227,550 in June 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2015.
The average unit size of newly sold homes fell from 1,721 square feet a year earlier to 1,520 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 6.2% of closings, below 8.8% a year earlier. The percentage of existing home closings involving foreclosures went from 4.8% in July 2014 to 4.5% in July 2015 and REO closings as a percentage of existing home closings fell to 1.7% from 4.1% a year earlier.