New home closings in the St. Cloud, MN market sank year-over-year in May, but the decline was less than the year-over-year decline in April. New home closings moved from 10 a year earlier to 9 after the figure moved from 6 in April 2015 to 3 in April 2016.

A total of 106 new homes were sold during the 12 months that ended in May, down from 107 for the year that ended in April.

9 of the 339 total closings were new home closings, a shift on a percentage basis from 10 out of 319 a year earlier. Closings of new and existing homes rose year-over-year in May after also rising in April year-over-year.

The average price of new homes was $261,795, an increase from $255,755 a year earlier. This came after a 23.6% decline in April 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.

The average unit size of newly sold homes rose from 1,804 square feet a year earlier to 2,006 square feet.

Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in May, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 5.5% of closings, below 7.4% a year earlier. The percentage of existing home closings involving foreclosures went from 0.6% in May 2015 to no part in May 2016 and REO closings as a percentage of existing home closings slid to 5.5% from 6.8% a year earlier.

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