In the Casper, WY market, new home closings fell year-over-year in January, but the decline was less than the year-over-year decline in December. New home closings moved from 11 a year earlier to 2 after the figure moved from 23 in December 2014 to none in December 2015.
Last year, 11 of 115 total closings were new homes, and this percentage saw a decline as new home closings this year made up 2 of the 99 total closings. For new and existing homes, closings declined in January after also declining in December year-over-year.
Pricing and Mortgage Trends
The average new home price was $341,316, up from $318,694 a year earlier. This was on the heels of a.
The average mortgage size on new homes was $315,220, up from $271,318.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in January 2016.
The average unit size of newly sold homes rose from 1,758 square feet a year earlier to 2,315 square feet.
Foreclosures and real estate owned (REO) closings increased in January from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 20.6% of existing home closings, above 6.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 18.6% in January from 2.9% a year earlier while REO closings as a percentage of existing home closings sank to 2.1% from 3.8% a year earlier.