The Billings, MT market saw a drop in new home closings year-over-year in September, dropping after a year-over-year increase in August 2015. New home closings moved from 35 a year earlier to 10 after the figure moved from 20 in August 2014 to 25 in August 2015.
A total of 289 new homes were sold during the 12 months that ended in September, down from 314 for the year that ended in August.
New home closings represented 10 out of the 315 total closings, which is a smaller percentage than the 35 of 340 total closings a year earlier. Following a period of little movement in August from a year earlier, closings of new and existing homes slid year-over-year in September.
Pricing and Mortgage Trends
The average value of newly sold homes in September 2015 was $248,119, down from last year's $309,586. This was on the heels of a 31.6% surge in August year-over-year.
The average mortgage size went down to $215,091 from $266,207 a year earlier. In August 2015, average mortgage size on newly sold homes saw a 29.6% gain year-over-year from a year earlier.
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.
The average unit size of newly sold homes fell from 2,206 square feet a year earlier to 1,691 square feet.
Foreclosures and real estate owned (REO) closings staying steady in September from a year earlier and did not appear to be dragging the market. Combined, foreclosures plue REO closings accounted for 7.5% of existing home closings, relatively unchanged from a year earlier The percentage of existing home closings involving foreclosures went from 4.3% in September 2014 to 3.3% in September 2015 and REO closings moved from 3.3% of existing home closings in September 2014 to 4.3% in September 2015.