Closings of new homes in the Grand Forks, ND market saw no change year-over-year in July, staying relatively stable after having decreased year-over-year in June. Closings remained level at 3 from a year earlier after the figure moved from 9 in June 2014 to 6 in June 2015.

A total of 52 new homes were sold during the 12 months that ended in July, equal to the number of new homes sold for the year that ended in June.

3 of the 158 total closings were new home closings, a shift on a percentage basis from 3 out of 191 a year earlier. Following a year-over-year decline in June, closings of new and existing homes also declined year-over-year in July.

Pricing and Mortgage Trends

The average price for newly sold homes moved north to $454,128 from $316,778 a year ago. This came after a 20.3% surge in June year-over-year.

Average mortgage size on new homes went from $284,819 a year earlier to $408,003. Average mortgage size on new homes went from $276,949 in June 2014 to $344,477 in June 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 July 2015.

The average unit size of newly sold homes fell from 2,574 square feet a year earlier to 2,233 square feet.

Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 1.9% of existing closings, lower than 3.2% a year earlier. The percentage of existing home closings involving foreclosures slid to no part in July from 2.1% a year earlier and REO closings moved from 1.1% of existing home closings in July 2014 to 1.9% in July 2015.

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