New home closings in the Sioux City, IA market remained steady year-over-year in August, staying stable after little movement in July. Closings remained steady at 3 from a year earlier after being level at 6 in July from the year earlier.
New home closings were 3 out of the 163 total closings, a move on a percentage basis from 3 of 193 a year earlier. Following a year-over-year decline in July, closings of new and existing homes also slid year-over-year in August.
Pricing and Mortgage Trends
The average price of new homes was $326,000, an increase from $202,667 a year earlier. This followed a 7.4% bump in July year-over-year.
Average mortgage size on new homes rose from $156,435 to $280,067. Average mortgage size on new homes went from $179,679 in July 2014 to $220,782 in July 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 August 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 11.9% of closings, below 16.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 6.9% in August from 7.9% a year earlier while REO closings as a percentage of existing home closings fell to 5.0% from 8.4% a year earlier.