In the Billings, MT market, new home closings slid year-over-year in January, but the decline was less than the year-over-year decline in December. New home closings moved from 14 a year earlier to 7 after the figure moved from 33 in December 2014 to 11 in December 2015.
A total of 227 new homes were sold during the 12 months that ended in January, down from 234 for the year that ended in December.
New home closings were 7 out of the 205 total closings, down on a percentage basis from 14 of 178 a year earlier. Following a decline in December year-over-year, closings of new and existing homes rose year-over-year in January.
Pricing and Mortgage Trends
The average new home price was $386,461, up from $298,999 a year earlier. This followed a 2.3% surge in December year-over-year.
Average mortgage size on new homes rose from $253,254 to $393,003. Average mortgage size on new homes went from $269,379 in December 2014 to $272,335 in December 2015.
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.
Foreclosures and real estate owned (REO) closings rose in January from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 11.1% of existing home closings, above 9.8% a year earlier. The percentage of existing home closings involving foreclosures went from 3.7% in January 2015 to 4.5% in January 2016 and REO closings moved from 6.1% of existing home closings in January 2015 to 6.6% in January 2016.