New home closings sank year-over-year in December in the Sioux City, IA market, falling after a rise in November 2015. New home closings moved from 7 a year earlier to 1 after the figure moved from 3 in November 2014 to 5 in November 2015.

New home closings represented 1 out of the 160 total closings, which is a smaller percentage than the 7 of 140 total closings a year earlier. Following a year-over-year increase in November, closings of new and existing homes also grew year-over-year in December.

Pricing and Mortgage Trends

The average per-unit price of new homes was $225,000, compared with $249,571 last year. This followed a move from $243,167 per unit in November 2014 to $244,100 in November 2015.

Average mortgage size on new homes fell from $186,972 to $62,500. Average mortgage size on new homes went from $206,667 in November 2014 to $247,867 in November 2015.

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.

Foreclosures and real estate owned (REO) closings increased in December from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 13.8% of existing home closings, higher than 12.8% a year earlier. The percentage of existing home closings involving foreclosures sank to 4.4% in December from 6.0% a year earlier while REO closings as a percentage of existing home closings rose to 9.4% from 6.8%.

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