In the Billings, MT market, new home closings fell year-over-year in December, but the decline was less than the year-over-year decline in November. New home closings moved from 32 a year earlier to 11 after the figure moved from 33 in November 2014 to 10 in November 2015.
A total of 234 new homes were sold during the 12 months that ended in December, down from 255 for the year that ended in November.
On a percentage basis, new home closings as a part of total closings decreased to 4.0% from 10.3% a year earlier. For new and existing homes, closings sank in December after also declining in November year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $327,619 from $320,127 a year ago. This was on the heels of a 8.1% hike in November year-over-year.
Average mortgage size on new homes moved from $269,656 to $272,335. Average mortgage size on new homes went from $236,435 in November 2014 to $259,894 in November 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.
The average unit size of newly sold homes rose from 1,996 square feet a year earlier to 2,952 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in December, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 4.9% of closings, below 11.1% a year earlier. The percentage of existing home closings involving foreclosures declined to 1.9% in December from 6.5% a year earlier while REO closings as a percentage of existing home closings dropped to 3.0% from 4.7% a year earlier.