The Great Falls, MT market saw a drop in new home closings year-over-year in April, but the decline was less than the year-over-year decline in March. New home closings moved from 5 a year earlier to 1 after the figure moved from 1 in March 2015 to none in March 2016.
On a percentage basis, new home closings as a part of total closings decreased to 0.7% from 3.3% a year earlier. Closings of new and existing homes remained steady in April after rising in March year-over-year.
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 rose from 2,311 square feet a year earlier to 2,416 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 12.5% of existing closings, lower than 20.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 5.9% in April from 10.2% a year earlier while REO closings as a percentage of existing home closings slid to 6.6% from 10.2% a year earlier.