New home closings in the St. Cloud, MN market stayed the same year-over-year in August, staying level after a year-over-year decline in July from the year earlier. Closings remained level at 1 from a year earlier after the figure moved from 9 in July 2014 to 2 in July 2015.
A total of 60 new homes were sold during the 12 months that ended in August, equal to the number of new homes sold for the year that ended in July.
New home closings were 4.3% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 1 of the 285 total closings. For new and existing homes, closings climbed year-over-year in August after also increasing in July year-over-year.
The average per-unit price of new homes was $159,900, compared with $184,900 last year. This was on the heels of a 80.2% boost in July 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.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 6.3% of existing closings, lower than 9.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 1.4% in August from no part a year earlier while REO closings as a percentage of existing home closings fell to 4.9% from 9.1% a year earlier.