New home closings in the Bismarck, ND market declined year-over-year in July, and the decline was by a larger percentage than the June 2015. New home closings moved from 45 a year earlier to 9 after the figure moved from 43 in June 2014 to 10 in June 2015.
A total of 142 new homes were sold during the 12 months that ended in July, down from 178 for the year that ended in June.
Last year, 45 of 270 total closings were new homes, and this percentage saw a decline as new home closings this year made up 9 of the 227 total closings. Following a year-over-year decline in June, closings of new and existing homes also fell year-over-year in July.
Pricing and Mortgage Trends
The average new home price was $251,960, down from $353,436 a year earlier. This was on the heels of a 5.5% fall in June from a year earlier.
Average mortgage size on new homes fell from $275,376 to $176,864. Average mortgage size on new homes went from $267,148 in June 2014 to $281,376 in June 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.
Foreclosures and real estate owned (REO) closings rose in July from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 0.9% of existing home closings, above 0.4% a year earlier. The percentage of existing home closings involving foreclosures stayed at no part of closings in July from a year earlier and REO closings moved from 0.4% of existing home closings in July 2014 to 0.9% in July 2015.