New home closings declined year-over-year in May in the Anchorage, AK market, but the decline was less than the year-over-year decline in April. New home closings moved from 32 a year earlier to 10 after the figure moved from 40 in April 2015 to 12 in April 2016.
A total of 322 new homes were sold during the 12 months that ended in May, down from 344 for the year that ended in April.
New home closings represented 10 out of the 718 total closings, which is a smaller percentage than the 32 of 737 total closings a year earlier. Following a year-over-year decline in April, closings of new and existing homes also slid year-over-year in May.
Pricing and Mortgage Trends
The average new home price was $255,624, down from $427,980 a year earlier. This was on the heels of a 10.5% fall in April from a year earlier.
Average mortgage size on new homes fell from $377,658 to $241,779. Average mortgage size on new homes went from $324,898 in April 2015 to $302,897 in April 2016.
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.
The average unit size of newly sold homes fell from 2,635 square feet a year earlier to 1,543 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 7.2% of existing closings, lower than 10.2% a year earlier. The percentage of existing home closings involving foreclosures slid to 2.8% in May from 3.8% a year earlier while REO closings as a percentage of existing home closings dropped to 4.4% from 6.4% a year earlier.