Closings of new homes in the Davenport, IA market fell year-over-year in June, but the decline was less than the year-over-year decline in May. New home closings moved from 20 a year earlier to 18 after the figure moved from 20 in May 2015 to 12 in May 2016.
A total of 177 new homes were sold during the 12 months that ended in June, down from 179 for the year that ended in May.
Out of all housing closings, new home closings made up 2.6%. A year ago, new home closings made up 2.8%. Closings of new and existing homes sank year-over-year in June after remaning steady in May year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 10.2% hike year-over-year in June to $455,006 per unit. This lift is smaller than the 32.9% bump in May year-over-year.
For newly sold homes, the average mortgage size saw a lift year-over-year along with new home prices. In June 2016, average mortgage size grew 20.7% from a year earlier to $393,370. Average mortgage size on new homes went from $268,268 in May 2015 to $333,010 in May 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in June 2016. Single-family home closings have represented all of new home closings while attached unit closings have made up no part of closings.
The average unit size of newly sold homes dropped 42.1% year-over-year to 1,604 square feet in June 2016. This decline was opposite the price lift, a pattern also seen in May 2016 when the average size of newly sold homes fell 7.9% to 1,778 square feet. The average size of newly sold homes moved from 1,930 square feet in May 2015 to 1,778 square feet in May 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 15.9% of closings, below 19.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 7.5% in June from 8.6% a year earlier while REO closings as a percentage of existing home closings sank to 8.4% from 10.4% a year earlier.