Closings of new homes slid year-over-year in June in the Billings, MT market, and the decline was by a larger percentage than the May 2016. New home closings moved from 32 a year earlier to 6 after the figure moved from 32 in May 2015 to 7 in May 2016.
A total of 128 new homes were sold during the 12 months that ended in June, down from 154 for the year that ended in May.
New home closings were 8.8% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 6 of the 393 total closings. Closings of new and existing homes jumped year-over-year in June after also rising in May year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $245,469, an increase from $237,576 a year earlier. This was on the heels of a 14.4% decline in May from a year earlier.
The average mortgage size went down to $200,145 from $204,733 a year earlier. Average mortgage size on new homes went from $245,350 in May 2015 to $213,888 in May 2016.
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 fell from 1,817 square feet a year earlier to 1,581 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 5.7% of existing closings, lower than 6.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 4.1% in June from 2.1% a year earlier while REO closings as a percentage of existing home closings sank to 1.6% from 4.2% a year earlier.