New Home Sales and Prices Both Rise in Sioux City According to Recent Data
Posted on: Jul 06, 2014 07:34:33 AM
In the Sioux City, IA market, new home closings jumped year-over-year in March, and the increase was greater than February 2014. New home closings moved from 1 a year earlier to 3 after the figure moved from 1 in February 2013 to 2 in February 2014.
Last year, 1 of 28 total closings were new homes, and this percentage saw a decline as new home closings this year made up 3 of the 137 total closings. For new and existing homes, closings increased year-over-year in March after also increasing in February year-over-year.
The average price of new homes rose to $182,333 from last year's $144,000. This came after a 37.4% drop in February from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in March 2014.
Foreclosures and real estate owned (REO) closings increased in March from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 21.6% of existing home closings, above 11.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 13.4% in March from 7.4% a year earlier while REO closings as a percentage of existing home closings jumped to 8.2% from 3.7%.