In the Bismarck, ND market, closings of new homes declined year-over-year in February, but the decline was less than the year-over-year decline in January. New home closings moved from 4 a year earlier to 1 after the figure moved from 8 in January 2015 to none in January 2016.
New home closings were 3.3% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 1 of the 103 total closings. Following a year-over-year decline in January, closings of new and existing homes also sank year-over-year in February.
Pricing and Mortgage Trends
The average per-unit price of new homes was $254,900, compared with $431,679 last year. This followed a.
The average mortgage size went down to $203,920 from $299,240 a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.
Foreclosures and real estate owned (REO) closings increased in February from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings made up 4.9% of existing home closings, up from 1.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 2.9% in February from 0.9% a year earlier while REO closings as a percentage of existing home closings gained to 2.0% from 0.9%.