In the Anchorage, AK market in April, closings of new homes dropped year-over-year, and the decline was by a larger percentage than the March 2016. New home closings moved from 40 a year earlier to 12 after the figure moved from 40 in March 2015 to 25 in March 2016.
A total of 344 new homes were sold during the 12 months that ended in April, down from 372 for the year that ended in March.
On a percentage basis, new home closings as a part of total closings decreased to 1.8% from 5.0% a year earlier. After rising year-over-year in March, closings of new and existing homes fell year-over-year in April.
Pricing and Mortgage Trends
The average new home price was $329,918, down from $368,452 a year earlier. This was on the heels of a move from $379,973 per unit in March 2015 to $377,821 in March 2016.
Average mortgage size on new homes fell from $324,898 to $302,897. In March 2016, average mortgage size on newly sold homes saw a 4.0% decline from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings increased in April from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 10.3% of existing home closings, higher than 9.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 5.5% in April from 2.8% a year earlier while REO closings as a percentage of existing home closings sank to 4.8% from 6.5% a year earlier.