In the Cheyenne, WY market in March, new home closings slid year-over-year, and the decline was by a larger percentage than the February 2016. New home closings moved from 18 a year earlier to 1 after the figure moved from 15 in February 2015 to 2 in February 2016.
New home closings represented 1 out of the 193 total closings, which is a smaller percentage than the 18 of 224 total closings a year earlier. For new and existing homes, closings sank in March after also declining in February year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $369,000 from last year's $322,112. This came after a 37.3% hike in February year-over-year.
Average mortgage size on newly sold homes was $295,200, unchanged from last year's average. Average mortgage size on new homes went from $239,252 in February 2015 to $358,508 in February 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings rose in March from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 15.6% of existing home closings, higher than 9.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 9.4% in March from 3.9% a year earlier and REO closings moved from 5.3% of existing home closings in March 2015 to 6.2% in March 2016.