Closings of new homes in the Sioux City, IA market remained steady year-over-year in July, staying flat after dropping year-over-year in June from the year earlier. Closings remained level at 6 from a year earlier after the figure moved from 3 in June 2014 to 2 in June 2015.
6 of the 190 total closings were new home closings, a shift on a percentage basis from 6 out of 218 a year earlier. For new and existing homes, closings sank in July after also declining in June year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $250,500 from last year's $233,250. This followed a 73.3% boost in June year-over-year.
Average mortgage size on new homes increased to $220,782 from $179,679 last year. Average mortgage size on new homes went from $127,135 in June 2014 to $278,169 in June 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 July 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 8.7% of existing home closings, down from 15.1% a year earlier. The percentage of existing home closings involving foreclosures declined to 2.2% in July from 6.1% a year earlier while REO closings as a percentage of existing home closings dropped to 6.5% from 9.0% a year earlier.