New home closings in the Dubuque, IA market sank year-over-year in July, falling after a rise in June 2016. New home closings moved from 12 a year earlier to 9 after the figure moved from 5 in June 2015 to 7 in June 2016.

New home closings were 9 out of the 172 total closings, down on a percentage basis from 12 of 190 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 was $300,228, an increase from $276,878 a year earlier. This followed a 5.0% fall in June from a year earlier.

Average mortgage size on new homes increased to $270,572 from $199,740 last year. Average mortgage size on new homes went from $227,550 in June 2015 to $235,001 in June 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 July 2016.

The average unit size of newly sold homes fell from 2,424 square feet a year earlier to 1,836 square feet.

Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 5.5% of existing home closings, down from 8.4% a year earlier. The percentage of existing home closings involving foreclosures slid to 0.6% in July from 5.6% a year earlier while REO closings as a percentage of existing home closings gained to 4.9% from 2.8%.

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