In the Dubuque, IA market in April, new home closings grew year-over-year, and the increase was greater than March 2016. New home closings moved from 6 a year earlier to 10 after the figure moved from 4 in March 2015 to 5 in March 2016.
New home closings were 10 of the 116 total closings, up on a percentage basis from 6 of 128 a year earlier. For new and existing homes, closings fell in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average price for new homes in April 2016 was $265,655, a shift from $268,167 last year. This followed a 2.1% fall in March from a year earlier.
There was a decline in average mortgage size on new homes, going from $240,062 last year to $236,047 in April 2016. Average mortgage size on new homes went from $196,938 in March 2015 to $192,052 in March 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 April 2016.
The average unit size of newly sold homes fell from 1,984 square feet a year earlier to 1,631 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 6.6% of existing home closings, down from 10.7% a year earlier. The percentage of existing home closings involving foreclosures went from 4.1% in April 2015 to 3.8% in April 2016 and REO closings as a percentage of existing home closings sank to 2.8% from 6.6% a year earlier.