In June, there was a decline year-over-year in new home closings in the Davenport, IA market, shifting down after remaining relatively stable in May from the year earlier. Closings dropped 31.8% from a year earlier to 15. Closings were steady in May from the year earlier.
A total of 214 new homes were sold during the 12 months that ended in June, down from 221 for the year that ended in May.
New home closings accounted for 3.6% of overall housing closings. A year ago, new home closings made up 3.0%. For new and existing homes, closings dropped in June after also declining in May year-over-year.
Pricing and Mortgage Trends
In June, the average price of newly sold homes increased year-over-year to $385,588 per unit, a 4.9% surge. This boost compares to a 6.1% fall in May from a year earlier.
The average mortgage size on newly sold homes saw a hike year-over-year along with new home prices. In June 2015, the average mortgage size was $318,244, up 4.4% from a year earlier. In May 2015, average mortgage size jumped 15.0% from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in June 2015. Single-family home closings have accounted for all of new home closings while attached unit closings have made up no part of closings.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 18.0% of existing home closings, below 21.2% a year earlier. The percentage of existing home closings involving foreclosures fell to 9.1% in June from 11.8% a year earlier and REO closings moved from 9.4% of existing home closings in June 2014 to 8.9% in June 2015.