In the Bismarck, ND market in August, new home closings slid year-over-year, and the decline was by a larger percentage than the July 2015. New home closings moved from 18 a year earlier to 3 after the figure moved from 45 in July 2014 to 8 in July 2015.
A total of 126 new homes were sold during the 12 months that ended in August, down from 141 for the year that ended in July.
New home closings were 7.7% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 3 of the 203 total closings. For new and existing homes, closings dropped in August after also declining in July year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $284,925, compared with $312,322 last year. This came after a 25.6% fall in July from a year earlier.
The average mortgage size moved to $237,856, down from last year's $247,408. Average mortgage size on new homes went from $275,376 in July 2014 to $184,354 in July 2015.
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.
Combined, foreclosures plus REO closings represented 1.0% of existing home closings. They represented 0.9% in August 2014. The percentage of existing home closings involving foreclosures stayed at 0.5% of closings in August from a year earlier and REO closings as a percentage of existing home closings stayed level at 0.5%.