In March, there was an increase in closings of new homes in the St. Cloud, MN market year-over-year, rebounding from a year-over-year decline in February 2016. New home closings moved from 3 a year earlier to 5 after the figure moved from 9 in February 2015 to 5 in February 2016.
A total of 45 new homes were sold during the 12 months that ended in March, up from 43 for the year that ended in February.
New home closings were 5 out of the 196 total closings, a move on a percentage basis from 3 of 172 a year earlier. Following a year-over-year increase in February, closings of new and existing homes also jumped year-over-year in March.
The average new home price was $246,375, up from $229,459 a year earlier. This came after a 19.5% decline in February from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in March, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 11.0% of existing home closings, down from 11.8% a year earlier. The percentage of existing home closings involving foreclosures stayed at 0.6% of closings in March from a year earlier and REO closings moved from 11.2% of existing home closings in March 2015 to 10.5% in March 2016.