Closings of new homes slid year-over-year in September in the Carson City, NV market, but the decline was less than the year-over-year decline in August. New home closings moved from 2 a year earlier to 1 after the figure moved from 1 in August 2014 to none in August 2015.
New home closings were 1 out of the 78 total closings, down on a percentage basis from 2 of 81 a year earlier. Closings of new and existing homes declined year-over-year in September after also falling in August year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $553,516 from last year's $388,988. This came after a.
Average mortgage size on new homes went from $200,000 a year earlier to $420,000.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.
The average unit size of newly sold homes fell from 2,973 square feet a year earlier to 2,588 square feet.
Foreclosures and real estate owned (REO) closings rose in September from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 15.6% of existing home closings, above 15.2% a year earlier. The percentage of existing home closings involving foreclosures went from 6.3% in September 2014 to 6.5% in September 2015 and REO closings moved from 8.9% of existing home closings in September 2014 to 9.1% in September 2015.