New home closings in the Sioux City, IA market were unchanged year-over-year in June, staying relatively stable after having decreased year-over-year in May. Closings remained level at 2 from a year earlier after the figure moved from 6 in May 2015 to 5 in May 2016.
New home closings were 2 out of the 246 total closings, a move on a percentage basis from 2 of 204 a year earlier. Following a fall in May year-over-year, closings of new and existing homes rose year-over-year in June.
Pricing and Mortgage Trends
The average per-unit price of new homes was $262,500, compared with $348,000 last year. This followed a 33.6% gain in May year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $278,169 to $204,250. Average mortgage size on new homes went from $235,213 in May 2015 to $275,252 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.
Foreclosures and real estate owned (REO) closings rose in June from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings made up 16.8% of existing home closings, up from 12.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 7.8% in June from 5.0% a year earlier while REO closings as a percentage of existing home closings climbed to 9.0% from 7.9%.