New home closings in the Great Falls, MT market dropped year-over-year in March, and the decline was by a larger percentage than the February 2016. New home closings moved from 1 a year earlier to none after the figure moved from 3 in February 2015 to 1 in February 2016.
New home closings were none out of the 140 total closings, a move on a percentage basis from 1 of 134 a year earlier. Closings of new and existing homes rose year-over-year in March after also rising in February year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings rose in March from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 20.7% of existing home closings, up from 19.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 12.9% in March from 6.8% a year earlier while REO closings as a percentage of existing home closings declined to 7.9% from 12.8% a year earlier.