The Anchorage, AK market saw a drop in new home closings year-over-year in November, and the percentage decline was steeper than October 2015, suggesting the market may be worsening. Closings slid 66.7% from a year earlier to 15. In comparison, new home closings in the same month last year saw a 22.4% decline year-over-year in October.
A total of 424 new homes were sold during the 12 months that ended in November, down from 454 for the year that ended in October.
Out of all housing closings, new home closings accounted for 2.9%. This is down from the a year earlier when new home closings represented 7.5% of total closings. After rising year-over-year in October, closings of new and existing homes dropped year-over-year in November.
Pricing and Mortgage Trends
The average price of newly sold homes declined 22.9% year-over-year in November to $298,592 per unit. This decline is larger than the 17.2% drop in October from a year earlier.
Average mortgage size on new homes saw a decline year-over-year in contrast to prices of new homes. In November 2015, average mortgage size on new homes sold was $264,201, down 25.9% from a year earlier. In October 2015, average mortgage size fell 18.0% from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. Single-family home closings climbed from 82.2% of new closings in November 2014 to 86.7% of closings in November 2015. Conversely, the share of new home closings belonging to attached units fell to 13.3% of closings from 17.8% of closings.
There was a move in the average unit size of newly sold homes from 2,217 square feet in November 2014 to 2,235 square feet in November 2015. The average size of newly sold homes moved from 1,945 square feet in October 2014 to 1,685 square feet in October 2015. In October 2015, the average size of newly sold homes declined 13.4% from the year earlier.
Out of all existing home closings, foreclosures combined with REO closings represented 13.6% of closings. In November 2014, they made up 13.6%. The percentage of existing home closings involving foreclosures rose to 7.1% in November from 5.6% a year earlier while REO closings as a percentage of existing home closings fell to 6.5% from 8.1% a year earlier.