In March, there was a decline year-over-year in new home closings in the Casper, WY market, and the decline was by a larger percentage than the February 2016. New home closings moved from 6 a year earlier to 1 after the figure moved from 8 in February 2015 to 3 in February 2016.
New home closings were 3.2% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 1 of the 162 total closings. Following a year-over-year decline in February, closings of new and existing homes also fell year-over-year in March.
Pricing and Mortgage Trends
The average new home value went from $291,284 last year to $521,250. This followed a 49.2% bump in February year-over-year.
Average mortgage size on new homes rose from $244,475 to $417,000. Average mortgage size on new homes went from $270,511 in February 2015 to $379,313 in February 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 March 2016.
Foreclosures and real estate owned (REO) closings rose in March from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 16.8% of existing home closings, up from 6.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 12.4% in March from 2.2% a year earlier and REO closings moved from 3.9% of existing home closings in March 2015 to 4.3% in March 2016.