The Reno, NV market saw a drop in new home closings year-over-year in July, a shift downward off a surge in June 2015. There was a 8.2% decline in new home closings from a year earlier. This came on the heels of a 61.3% climb year-over-year in June.
A total of 1,288 new homes were sold during the 12 months that ended in July, down from 1,296 for the year that ended in June.
As a percentage of overall housing closings, new home closings represented 9.5%. This is down from the a year earlier when new home closings made up 11.3% of total closings. Closings of new and existing homes climbed year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 20.4% rise year-over-year in July to $412,697 per unit. This lift follows a move from $366,609 per unit in June 2014 to $368,223 in June 2015.
Average mortgage size on new homes grew year-over-year along with new home prices. In July 2015, there was a 19.7% boost in the average mortgage size, reaching $330,999. Average mortgage size climbed 12.7% in June 2015 from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen. Attached unit closings grew from 3.1% of all closings in July 2014 to 6.7% of closings in July 2015. Meanwhile, single-family home closings as a percentage of all new home closings dropped to 93.3% of closings from 96.9% of closings.
There was a 8.7% hike year-over-year in the average unit size of newly sold homes to 2,391 square feet in July 2015. In June, the average size of new homes sold went from 2,250 square feet a year earlier to 2,179 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 14.7% of existing home closings, down from 17.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 6.2% in July from 8.2% a year earlier and REO closings moved from 9.0% of existing home closings in July 2014 to 8.5% in July 2015.