In the Grand Forks, ND market in August, new home closings sank year-over-year, dropping after staying level in July. Closings stood at 1 in August after being 3 a year earlier and remaining unchanged at 3 in July from a year earlier.

A total of 52 new homes were sold during the 12 months that ended in August, down from 54 for the year that ended in July.

New home closings were 1 out of the 138 total closings, a move on a percentage basis from 3 of 228 a year earlier. Following a year-over-year decline in July, closings of new and existing homes also fell year-over-year in August.

The average per-unit price of new homes was $193,500, compared with $586,625 last year. This was on the heels of a 43.4% bump in July year-over-year.

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 continued to decline from a year earlier in August, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 0.7% of closings, below 6.2% a year earlier. The percentage of existing home closings involving foreclosures slid to no part in August from 2.7% a year earlier while REO closings as a percentage of existing home closings sank to 0.7% from 3.6% a year earlier.

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