Closings of new homes dropped year-over-year in November in the Bismarck, ND market, and the decline was by a larger percentage than the October 2015. New home closings moved from 20 a year earlier to 1 after the figure moved from 26 in October 2014 to 5 in October 2015.
A total of 72 new homes were sold during the 12 months that ended in November, down from 91 for the year that ended in October.
New home closings represented 1 out of the 126 total closings, which is a smaller percentage than the 20 of 177 total closings a year earlier. Closings of new and existing homes slid year-over-year in November after also falling in October year-over-year.
Pricing and Mortgage Trends
The average new home value went from $294,756 last year to $435,238. This followed a 1.7% drop in October from a year earlier.
Average mortgage size on new homes went from $270,084 a year earlier to $388,000. Average mortgage size on new homes went from $223,165 in October 2014 to $311,701 in October 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2015.
Foreclosures and real estate owned (REO) closings rose in November from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 4.0% of existing home closings, up from 1.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 2.4% in November from 1.3% a year earlier and REO closings moved from 0.6% of existing home closings in November 2014 to 1.6% in November 2015.