Closings of new homes jumped year-over-year in November in the Sioux City, IA market, rebounding from a year-over-year decline in October 2015. New home closings moved from 3 a year earlier to 5 after the figure moved from 5 in October 2014 to 3 in October 2015.
New home closings were 5 of the 160 total closings, up on a percentage basis from 3 of 158 a year earlier. After dropping in October from a year earlier, closings of new and existing homes grew year-over-year in November.
Pricing and Mortgage Trends
The average price for new homes was $244,100, moving from $243,167 last year. This came after a 9.7% boost in October year-over-year.
The average mortgage size on new homes was $247,867, up from $206,667. Average mortgage size on new homes went from $196,250 in October 2014 to $295,208 in October 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 November 2015.
The average unit size of newly sold homes rose from 2,304 square feet a year earlier to 3,546 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 11.6% of existing home closings, below 14.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 5.2% in November from 7.7% a year earlier and REO closings moved from 7.1% of existing home closings in November 2014 to 6.5% in November 2015.