The Dubuque, IA market saw a drop in new home closings year-over-year in February, but the decline was less than the year-over-year decline in January. New home closings moved from 8 a year earlier to 4 after the figure moved from 6 in January 2015 to none in January 2016.
New home closings were 8.5% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 4 of the 79 total closings. For new and existing homes, closings sank in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $348,725 from last year's $221,919. This followed a.
The average mortgage size on new homes was $255,425, up from $202,842.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.
The average unit size of newly sold homes rose from 1,897 square feet a year earlier to 2,078 square feet.
Foreclosures and real estate owned (REO) closings rose in February from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 18.7% of existing home closings, higher than 17.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 10.7% in February from 9.3% a year earlier and REO closings moved from 8.1% of existing home closings in February 2015 to 8.0% in February 2016.