The Billings, MT market saw a drop in new home closings year-over-year in February, and the decline was by a larger percentage than the January 2016. New home closings moved from 16 a year earlier to 3 after the figure moved from 14 in January 2015 to 7 in January 2016.
A total of 214 new homes were sold during the 12 months that ended in February, down from 227 for the year that ended in January.
Last year, 16 of 205 total closings were new homes, and this percentage saw a decline as new home closings this year made up 3 of the 173 total closings. Following a year-over-year increase in January, closings of new and existing homes dropped year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes rose to $390,374 from last year's $299,555. This was on the heels of a 29.3% bump in January year-over-year.
Average mortgage size on new homes rose from $265,650 to $312,299. Average mortgage size on new homes went from $253,254 in January 2015 to $393,003 in January 2016.
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.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in February, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 8.2% of existing home closings, below 11.1% a year earlier. The percentage of existing home closings involving foreclosures went from 3.2% in February 2015 to 4.1% in February 2016 and REO closings as a percentage of existing home closings fell to 4.1% from 7.9% a year earlier.