In February, the Cheyenne, WY market saw a drop year-over-year in new home closings, and the decline was by a larger percentage than the January 2016. New home closings moved from 15 a year earlier to 2 after the figure moved from 10 in January 2015 to 2 in January 2016.
New home closings represented 2 out of the 147 total closings, which is a smaller percentage than the 15 of 153 total closings a year earlier. Following a year-over-year increase in January, closings of new and existing homes dropped year-over-year in February.
Pricing and Mortgage Trends
The average new home value went from $285,858 last year to $392,367. This was on the heels of a 15.4% drop in January from a year earlier.
Average mortgage size on new homes increased to $358,508 from $239,252 last year. Average mortgage size on new homes went from $268,159 in January 2015 to $226,966 in January 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes rose from 1,592 square feet a year earlier to 2,301 square feet.
Foreclosures and real estate owned (REO) closings rose in February from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 19.3% of existing home closings, above 13.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.7% in February from 5.8% a year earlier and REO closings moved from 7.2% of existing home closings in February 2015 to 7.6% in February 2016.