New home closings in the Grand Forks, ND market dropped year-over-year in November, and the decline was by a larger percentage than the October 2015. New home closings moved from 7 a year earlier to none after the figure moved from 6 in October 2014 to 4 in October 2015.

New home closings were 5.1% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up none of the 102 total closings. Following a year-over-year decline in October, closings of new and existing homes also slid year-over-year in November.

Other Market Trends

There were no new home closings in November 2015, but average size of newly sold homes was 2,693 a year earlier.

Foreclosures and real estate owned (REO) closings increased in November from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 3.9% of existing home closings, higher than 2.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 2.0% in November from no part a year earlier and REO closings moved from 2.3% of existing home closings in November 2014 to 2.0% in November 2015.

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