There was a rise in closings of new homes in the Dubuque, IA market in May year-over-year, and the increase was greater than April 2016. New home closings moved from 9 a year earlier to 16 after the figure moved from 6 in April 2015 to 10 in April 2016.

New home closings were 16 of the 199 total closings, up on a percentage basis from 9 of 189 a year earlier. For new and existing homes, closings increased year-over-year in May after also increasing in April year-over-year.

Pricing and Mortgage Trends

The average new home price was $281,116, up from $179,778 a year earlier. This came after a 7.3% surge in April year-over-year.

Average mortgage size on new homes rose from $159,744 to $230,365. Average mortgage size on new homes went from $240,062 in April 2015 to $235,775 in April 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 May 2016.

The average unit size of newly sold homes went from 1,950 square feet in May 2015 to 1,958 square feet in May 2016.

Foreclosures and real estate owned (REO) closings rose in May from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 9.3% of existing home closings, above 6.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 4.9% in May from 2.8% a year earlier and REO closings moved from 3.9% of existing home closings in May 2015 to 4.4% in May 2016.

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