In the Missoula, MT market in December, closings of new homes sank year-over-year, dropping after staying level in November. Closings stood at 3 in December after being 5 a year earlier and remaining unchanged at 4 in November from a year earlier.
A total of 42 new homes were sold during the 12 months that ended in December, down from 44 for the year that ended in November.
New home closings were 3 out of the 154 total closings, a move on a percentage basis from 5 of 181 a year earlier. After rising year-over-year in November, closings of new and existing homes dropped year-over-year in December.
Pricing and Mortgage Trends
The average value of newly sold homes in December 2015 was $85,388, down from last year's $417,563. This came after a 44.1% decline in November from a year earlier.
Average mortgage size on new homes fell from $334,050 to $68,311. Average mortgage size on new homes went from $255,019 in November 2014 to $176,000 in November 2015.
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.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in December, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 8.6% of existing home closings, down from 23.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 4.0% in December from 1.1% a year earlier while REO closings as a percentage of existing home closings slid to 4.6% from 22.2% a year earlier.