The Dubuque, IA market saw a rise in new home closings in March year-over-year, rebounding from a year-over-year decline in February 2016. New home closings moved from 4 a year earlier to 5 after the figure moved from 8 in February 2015 to 4 in February 2016.
New home closings were 5 of the 105 total closings, up on a percentage basis from 4 of 128 a year earlier. For new and existing homes, closings fell in March after also declining in February year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in March 2016 was $232,730, down from last year's $237,750. This was on the heels of a 57.1% lift in February year-over-year.
The average mortgage size moved to $192,052, down from last year's $196,938. Average mortgage size on new homes went from $202,842 in February 2015 to $255,425 in February 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 March 2016.
The average unit size of newly sold homes rose from 2,062 square feet a year earlier to 3,438 square feet.
Foreclosures and real estate owned (REO) closings rose in March from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 15.0% of existing home closings, up from 12.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 8.0% in March from 5.6% a year earlier and REO closings moved from 7.3% of existing home closings in March 2015 to 7.0% in March 2016.