In the Missoula, MT market in March, closings of new homes slid year-over-year, and the decline was similar to February 2016. New home closings moved from 5 a year earlier to 1 after the figure moved from 5 in February 2015 to 1 in February 2016.
A total of 35 new homes were sold during the 12 months that ended in March, down from 39 for the year that ended in February.
New home closings were 3.1% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 1 of the 138 total closings. Following a year-over-year decline in February, closings of new and existing homes also sank year-over-year in March.
Pricing and Mortgage Trends
The average new home price was $404,655, up from $274,313 a year earlier. This came after a 49.6% drop in February from a year earlier.
Average mortgage size on new homes went from $219,450 a year earlier to $323,724. Average mortgage size on new homes went from $237,733 in February 2015 to $119,900 in February 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings rose in March from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings represented 8.0% of existing home closings, up from 7.0% a year earlier. The percentage of existing home closings involving foreclosures went from 2.5% in March 2015 to 2.2% in March 2016 and REO closings as a percentage of existing home closings jumped to 5.8% from 4.4%.