New home closings in the Grand Forks, ND market sank year-over-year in December, but the decline was less than the year-over-year decline in November. New home closings moved from 4 a year earlier to 1 after the figure moved from 7 in November 2014 to none in November 2015.

New home closings represented 1 out of the 124 total closings, which is a smaller percentage than the 4 of 128 total closings a year earlier. Closings of new and existing homes declined year-over-year in December after also falling in November year-over-year.

The average new home price was $333,200, down from $399,583 a year earlier. This came after a.

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.

Foreclosures and real estate owned (REO) closings increased in December from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 6.5% of existing home closings, above 4.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 3.3% in December from 1.6% a year earlier and REO closings moved from 2.4% of existing home closings in December 2014 to 3.3% in December 2015.

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