Closings of new homes fell year-over-year in December in the Fairbanks, AK market, but the decline was less than the year-over-year decline in November. New home closings moved from 3 a year earlier to 2 after the figure moved from 1 in November 2014 to none in November 2015.
2 of the 113 total closings were new home closings, a shift on a percentage basis from 3 out of 125 a year earlier. Closings of new and existing homes fell year-over-year in December after also falling in November year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in December 2015 was $217,183, down from last year's $238,146. This was on the heels of a.
Average mortgage size on new homes stayed at $215,033 from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in December 2015.
There was a move in the average unit size of newly sold homes from 1,708 square feet in December 2014 to 1,722 square feet in December 2015.
Foreclosures and real estate owned (REO) closings declined in December from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings accounted for 25.2% of existing home closings, below 33.6% a year earlier. The percentage of existing home closings involving foreclosures declined to 10.8% in December from 12.3% a year earlier while REO closings as a percentage of existing home closings fell to 14.4% from 21.3% a year earlier.