New home closings in the Ames, IA market sank year-over-year in June, a decline following a rise in May 2015. New home closings moved from 12 a year earlier to 10 after the figure moved from 5 in May 2014 to 7 in May 2015.
A total of 72 new homes were sold during the 12 months that ended in June, down from 74 for the year that ended in May.
New home closings were 10 of the 206 total closings, up on a percentage basis from 12 of 318 a year earlier. After rising year-over-year in May, closings of new and existing homes sank year-over-year in June.
Pricing and Mortgage Trends
The average per-unit price of new homes was $296,000, compared with $325,383 last year. This followed a 32.8% rise in May year-over-year.
Average mortgage size on new homes went from $263,586 a year earlier to $285,079. Average mortgage size on new homes went from $215,106 in May 2014 to $340,554 in May 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 1,745 square feet a year earlier to 1,073 square feet.
Foreclosures and real estate owned (REO) closings increased in June from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 6.1% of existing home closings, up from 5.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 2.6% in June from 1.3% a year earlier and REO closings moved from 4.2% of existing home closings in June 2014 to 3.6% in June 2015.