New home closings in the Fairbanks, AK market were unchanged year-over-year in June, staying flat after dropping year-over-year in May from the year earlier. Closings remained level at 1 from a year earlier after the figure moved from 1 in May 2015 to none in May 2016.
New home closings were 1 out of the 185 total closings, same on a percentage basis as a year earlier. After rising year-over-year in May, closings of new and existing homes slid year-over-year in June.
Pricing and Mortgage Trends
The average price of new homes rose to $354,319 from last year's $206,125. This came after a.
The average mortgage size on new homes was $361,550, up from $164,900.
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 rose from 1,152 square feet a year earlier to 2,632 square feet.
Foreclosures and real estate owned (REO) closings rose in June from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 17.9% of existing home closings, above 15.3% a year earlier. The percentage of existing home closings involving foreclosures went from 7.4% in June 2015 to 7.6% in June 2016 and REO closings as a percentage of existing home closings gained to 10.3% from 7.9%.