In the Dover, DE market in July, closings of new homes fell year-over-year, but the percentage fall narrowed from that of June 2015, suggesting that the market may be stabilizing. New home closings saw a 9.5% fall from a year earlier to 57. This came after a 20.0% fall year-over-year in June.
A total of 609 new homes were sold during the 12 months that ended in July, down from 615 for the year that ended in June.
New home closings accounted for 23.8% of overall housing closings. This is down from the a year earlier when new home closings represented 28.3% of total closings. Following a year-over-year increase in June, closings of new and existing homes also jumped year-over-year in July.
Pricing and Mortgage Trends
The average price of new homes was $263,378 per unit in July, up 6.3%from a year earlier. This rise is smaller than the 16.2% lift in June year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. In July 2015, the average mortgage size on newly sold homes saw a 11.0% lift from a year earlier. In June 2015, average mortgage size rose 14.5% 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. The share of new home closings belonging to single-family homes rose from 79.4% in July 2014 to 82.5% of closings in July 2015. Conversely, the share of new home closings belonging to attached units declined to 17.5% of closings from 20.6% of closings.
For all new homes sold, the average unit size slid 2.9% year-over-year to 2,205 square feet in July 2015. The average size of newly sold homes moved from 2,222 square feet in June 2014 to 2,518 square feet in June 2015.
Foreclosures and real estate owned (REO) closings declined in July from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings accounted for 27.5% of existing home closings, below 32.5% a year earlier. The percentage of existing home closings involving foreclosures fell to 12.6% in July from 17.5% a year earlier and REO closings moved from 15.0% of existing home closings in July 2014 to 14.8% in July 2015.