In June, closings of new homes in the Dubuque, IA market increased year-over-year, but the increase was less than May 2016. New home closings moved from 5 a year earlier to 7 after the figure moved from 9 in May 2015 to 16 in May 2016.
New home closings were 7 out of 160 total closings, making up 4.4%. This is up on a percentage basis from 5 of 192 a year earlier. Following a year-over-year increase in May, closings of new and existing homes fell year-over-year in June.
Pricing and Mortgage Trends
The average value of newly sold homes in June 2016 was $249,753, down from last year's $263,000. This came after a 56.7% boost in May year-over-year.
Average mortgage size on new homes increased to $235,001 from $227,550 last year. Average mortgage size on new homes went from $159,744 in May 2015 to $226,343 in May 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in June 2016.
The average unit size of newly sold homes fell from 2,300 square feet a year earlier to 1,590 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 4.6% of existing home closings, down from 6.4% a year earlier. The percentage of existing home closings involving foreclosures went from 2.1% in June 2015 to 2.6% in June 2016 and REO closings as a percentage of existing home closings sank to 2.0% from 4.3% a year earlier.