Closings of new homes rose year-over-year in December in the Dubuque, IA market,. Closings stood at 8 in December after being 6 a year earlier and remaining unchanged at 5 in November from a year earlier.
A total of 68 new homes were sold during the 12 months that ended in December, up from 66 for the year that ended in November.
8 of the 129 total closings were new home closings, a shift on a percentage basis from 6 out of 89 a year earlier. Following a year-over-year increase in November, closings of new and existing homes also climbed year-over-year in December.
Pricing and Mortgage Trends
The average new home price was $235,703, down from $251,438 a year earlier. This was on the heels of a 3.4% drop in November from a year earlier.
Average mortgage size on new homes rose from $173,121 to $213,332. Average mortgage size on new homes went from $223,650 in November 2014 to $237,656 in November 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 December 2015.
The average unit size of newly sold homes rose from 1,533 square feet a year earlier to 1,695 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in December, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 11.6% of existing home closings, down from 12.0% a year earlier. The percentage of existing home closings involving foreclosures went from 7.2% in December 2014 to 6.6% in December 2015 and REO closings moved from 4.8% of existing home closings in December 2014 to 5.0% in December 2015.