In the Ames, IA market in October, closings of new homes grew year-over-year, and the increase was greater than September 2015. New home closings moved from 3 a year earlier to 7 after the figure moved from 6 in September 2014 to 8 in September 2015.
A total of 98 new homes were sold during the 12 months that ended in October, up from 94 for the year that ended in September.
New home closings were 7 of the 108 total closings, up on a percentage basis from 3 of 136 a year earlier. Following a year-over-year rise in September, closings of new and existing homes slid year-over-year in October.
Pricing and Mortgage Trends
The average price for new homes was $332,943, moving from $334,833 last year. This came after a 16.3% fall in September from a year earlier.
Average mortgage size on new homes moved from $290,925 to $292,379. Average mortgage size on new homes went from $253,115 in September 2014 to $222,203 in September 2015.
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.
The average unit size of newly sold homes fell from 1,777 square feet a year earlier to 1,656 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in October, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 10.9% of existing closings, lower than 17.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 4.0% in October from 14.3% a year earlier while REO closings as a percentage of existing home closings rose to 6.9% from 3.0%.