In the Carson City, NV market, closings of new homes sank year-over-year in December, declining after staying relatively stable in November from the year earlier. Closings stood at 1 in December after being 4 a year earlier and remaining unchanged at 1 in November from a year earlier.
On a percentage basis, new home closings as a part of total closings decreased to 1.5% from 8.5% a year earlier. Following a drop in November year-over-year, closings of new and existing homes jumped year-over-year in December.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $419,900 from $397,273 a year ago. This came after a 24.9% hike in November year-over-year.
The average mortgage size moved to $210,000, down from last year's $341,933. Average mortgage size on new homes went from $181,200 in November 2014 to $300,000 in November 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 December 2015.
Foreclosures and real estate owned (REO) closings increased in December from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings made up 24.2% of existing home closings, up from 18.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 6.1% in December from 4.7% a year earlier while REO closings as a percentage of existing home closings climbed to 18.2% from 14.0%.