Closings of new homes in the Missoula, MT market remained steady year-over-year in January, staying relatively stable after having decreased year-over-year in December. Closings remained level at 2 from a year earlier after the figure moved from 5 in December 2014 to 4 in December 2015.
A total of 43 new homes were sold during the 12 months that ended in January, equal to the number of new homes sold for the year that ended in December.
2 of the 110 total closings were new home closings, a shift on a percentage basis from 2 out of 99 a year earlier. After dropping in December from a year earlier, closings of new and existing homes grew year-over-year in January.
Pricing and Mortgage Trends
The average new home value went from $262,444 last year to $334,000. This was on the heels of a 79.6% drop in December from a year earlier.
The average mortgage size on new homes was $267,200, up from $209,955. Average mortgage size on new homes went from $334,050 in December 2014 to $68,311 in December 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 January 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in January, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 13.0% of closings, below 13.4% a year earlier. The percentage of existing home closings involving foreclosures sank to 4.6% in January from 8.2% a year earlier while REO closings as a percentage of existing home closings gained to 8.3% from 5.2%.