In the Lincoln, NE market in September, closings of new homes fell year-over-year, but the percentage decline was not as steep as August 2015, suggesting market improvement. New home closings saw a drop of 15.4% from the year earlier to 44. This came after a 21.2% decline year-over-year in August.
A total of 637 new homes were sold during the 12 months that ended in September, down from 645 for the year that ended in August.
As a percentage of overall housing closings, new home closings made up 8.0%. This is down from the 9.5% of closings a year earlier. After increasing in August from a year earlier, closings of new and existing homes remained level in September.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes climbed year-over-year to $281,362 in September, up 20.3% from last year. This rise is better than the 9.0% gain in August year-over-year.
The average mortgage size on newly sold homes saw a bump year-over-year along with new home prices. In September 2015, there was a 9.6% rise in the average mortgage size, reaching $218,230. In August 2015, average mortgage size on newly sold homes saw a 2.9% lift year-over-year from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. Single-family home closings rose from 59.6% of new closings in September 2014 to 72.7% of closings in September 2015. Conversely, the share of new home closings belonging to attached units fell to 27.3% of closings from 40.4% of closings.
The average unit size of newly sold homes increased 9.3% year-over-year to 1,924 square feet in September 2015. The average size of newly sold homes moved from 1,792 square feet in August 2014 to 1,657 square feet in August 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 6.2% of closings, below 8.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 2.6% in September from 4.7% a year earlier and REO closings moved from 4.1% of existing home closings in September 2014 to 3.6% in September 2015.