Closings of new homes in the Missoula, MT market slid year-over-year in July, but the decline was less than the year-over-year decline in June. New home closings moved from 10 a year earlier to 5 after the figure moved from 5 in June 2014 to none in June 2015.
New home closings were 5 out of the 261 total closings, down on a percentage basis from 10 of 250 a year earlier. For new and existing homes, closings grew year-over-year in July after also increasing in June year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $155,701, compared with $237,147 last year. This came after a.
Average mortgage size on newly sold homes saw a decline year-over-year from $200,425 to $151,062.
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.
The average unit size of newly sold homes fell from 1,614 square feet a year earlier to 1,056 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 3.5% of closings, below 4.2% a year earlier. The percentage of existing home closings involving foreclosures went from 2.1% in July 2014 to 1.2% in July 2015 and REO closings moved from 2.1% of existing home closings in July 2014 to 2.3% in July 2015.