The Billings, MT market saw a drop in new home closings year-over-year in September, falling after a rise in August 2015. New home closings moved from 35 a year earlier to 10 after the figure moved from 20 in August 2014 to 25 in August 2015.

A total of 289 new homes were sold during the 12 months that ended in September, down from 314 for the year that ended in August.

New home closings were 10 out of the 315 total closings, down on a percentage basis from 35 of 340 a year earlier. Closings of new and existing homes sank year-over-year in September after remaning steady in August year-over-year.

Pricing and Mortgage Trends

The average per-unit price of new homes was $248,119, compared with $309,586 last year. This followed a 31.6% bump in August year-over-year.

Average mortgage size on new homes fell from $266,207 to $215,091. In August 2015, average mortgage size on newly sold homes saw a 29.6% gain year-over-year from a year earlier.

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 2,206 square feet a year earlier to 1,691 square feet.

Foreclosures and real estate owned (REO) closings staying steady in September from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings represented 7.5% of existing home closings, about the same as a year earlier The percentage of existing home closings involving foreclosures went from 4.3% in September 2014 to 3.3% in September 2015 and REO closings moved from 3.3% of existing home closings in September 2014 to 4.3% in September 2015.

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