New home closings slid year-over-year in September in the Bismarck, ND market, and the decline was by a larger percentage than the August 2015. New home closings moved from 19 a year earlier to 2 after the figure moved from 18 in August 2014 to 3 in August 2015.
A total of 110 new homes were sold during the 12 months that ended in September, down from 127 for the year that ended in August.
New home closings were 8.5% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 2 of the 79 total closings. For new and existing homes, closings slid in September after also declining in August year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $252,450, compared with $350,670 last year. This was on the heels of a 8.8% decline in August from a year earlier.
The average mortgage size went down to $236,653 from $296,188 a year earlier. Average mortgage size on new homes went from $247,408 in August 2014 to $237,856 in August 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.
Foreclosures and real estate owned (REO) closings increased in September from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 2.6% of existing home closings, higher than 1.5% a year earlier. The percentage of existing home closings involving foreclosures went from 0.5% in September 2014 to 1.3% in September 2015 and REO closings moved from 1.0% of existing home closings in September 2014 to 1.3% in September 2015.