In the Missoula, MT market, closings of new homes jumped year-over-year in September, rebounding from a year-over-year decline in August 2015. New home closings moved from 2 a year earlier to 4 after the figure moved from 5 in August 2014 to 4 in August 2015.
A total of 45 new homes were sold during the 12 months that ended in September, up from 43 for the year that ended in August.
New home closings were 4 out of 188 total closings, making up 2.1%. This is up on a percentage basis from 2 of 181 a year earlier. Closings of new and existing homes rose year-over-year in September after also rising in August year-over-year.
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.
The average unit size of newly sold homes rose from 1,046 square feet a year earlier to 1,791 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 5.4% of existing home closings, down from 7.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 1.1% in September from 4.5% a year earlier while REO closings as a percentage of existing home closings grew to 4.3% from 2.8%.