Closings of new homes in the Missoula, MT market sank year-over-year in August, but the decline was less than the year-over-year decline in July. New home closings moved from 5 a year earlier to 4 after the figure moved from 10 in July 2014 to 6 in July 2015.
A total of 40 new homes were sold during the 12 months that ended in August, down from 41 for the year that ended in July.
4 of the 215 total closings were new home closings, a shift on a percentage basis from 5 out of 183 a year earlier. Closings of new and existing homes climbed year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $229,490 from last year's $209,666. This followed a 20.1% fall in July from a year earlier.
From the year-ago figure of $178,770, the average mortgage size on new homes moved up to $210,456. Average mortgage size on new homes went from $200,425 in July 2014 to $172,850 in July 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 1,954 square feet a year earlier to 753 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 2.8% of existing home closings, down from 7.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 0.5% in August from 5.6% a year earlier and REO closings moved from 1.7% of existing home closings in August 2014 to 2.4% in August 2015.