The St. Cloud, MN market saw no change in new home closings year-over-year in October, staying flat after dropping year-over-year in September from the year earlier. Closings remained level at 6 from a year earlier after the figure moved from 5 in September 2014 to 2 in September 2015.
A total of 57 new homes were sold during the 12 months that ended in October, equal to the number of new homes sold for the year that ended in September.
New home closings were 6 out of the 258 total closings, a move on a percentage basis from 6 of 277 a year earlier. Following a year-over-year increase in September, closings of new and existing homes slid year-over-year in October.
The average new home price was $180,608, down from $239,503 a year earlier. This came after a 70.1% rise in September year-over-year.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 1,987 square feet a year earlier to 1,280 square feet.
Foreclosures and real estate owned (REO) closings increased in October from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 7.5% of existing home closings, up from 7.0% a year earlier. The percentage of existing home closings involving foreclosures stayed at no part of closings in October from a year earlier and REO closings moved from 7.0% of existing home closings in October 2014 to 7.5% in October 2015.