In the Grand Forks, ND market, closings of new homes fell year-over-year in January, and the decline was similar to December 2015. New home closings moved from 4 a year earlier to 1 after the figure moved from 4 in December 2014 to 1 in December 2015.
New home closings were 1 out of the 94 total closings, down on a percentage basis from 4 of 79 a year earlier. Closings of new and existing homes climbed year-over-year in January following a decline in December year-over-year.
Pricing and Mortgage Trends
The average new home value went from $447,600 last year to $612,598. This followed a 16.6% drop in December from a year earlier.
The average mortgage size on new homes was $490,079, up from $427,467.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in January 2016.
The average unit size of newly sold homes fell from 4,026 square feet a year earlier to 2,710 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in January, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 3.2% of existing home closings, down from 9.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 3.2% in January from 5.3% a year earlier while REO closings as a percentage of existing home closings dropped to no part from 4.0% a year earlier.