In November, the Dubuque, IA market saw a drop year-over-year in new home closings, but the decline was less than the year-over-year decline in October. New home closings moved from 6 a year earlier to 5 after the figure moved from 6 in October 2014 to 3 in October 2015.
A total of 68 new homes were sold during the 12 months that ended in November, down from 69 for the year that ended in October.
New home closings represented 5 out of the 101 total closings, which is a smaller percentage than the 6 of 90 total closings a year earlier. After dropping in October from a year earlier, closings of new and existing homes climbed year-over-year in November.
Pricing and Mortgage Trends
The average price of new homes rose to $273,900 from last year's $261,250. This followed a 6.8% boost in October year-over-year.
Average mortgage size on new homes went from $202,020 a year earlier to $237,656. Average mortgage size on new homes went from $185,572 in October 2014 to $206,917 in October 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 November 2015.
There was a move in the average unit size of newly sold homes from 1,412 square feet in November 2014 to 1,423 square feet in November 2015.
Foreclosures and real estate owned (REO) closings rose in November from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings represented 13.5% of existing home closings, up from 9.5% a year earlier. The percentage of existing home closings involving foreclosures went from 9.5% in November 2014 to 10.4% in November 2015 and REO closings as a percentage of existing home closings rose to 3.1% from no part.