In the St. Cloud, MN market, closings of new homes dropped year-over-year in July, and the decline was by a larger percentage than the June 2015. New home closings moved from 9 a year earlier to 2 after the figure moved from 6 in June 2014 to 5 in June 2015.

A total of 60 new homes were sold during the 12 months that ended in July, down from 67 for the year that ended in June.

On a percentage basis, new home closings as a part of total closings decreased to 0.6% from 7.0% a year earlier. For new and existing homes, closings jumped year-over-year in July after also increasing in June year-over-year.

The average price of new homes was $318,299, an increase from $176,670 a year earlier. This came after a 8.5% drop in June 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 1,612 square feet a year earlier to 2,622 square feet.

Foreclosures and real estate owned (REO) closings increased in July from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 5.2% of existing home closings, above 3.3% a year earlier. The percentage of existing home closings involving foreclosures stayed at no part of closings in July from a year earlier while REO closings as a percentage of existing home closings climbed to 5.2% from 3.3%.

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