The Bismarck, ND market saw a drop in new home closings year-over-year in January, and the decline was by a larger percentage than the December 2015. New home closings moved from 8 a year earlier to none after the figure moved from 12 in December 2014 to 2 in December 2015.

New home closings were none out of the 107 total closings, down on a percentage basis from 8 of 118 a year earlier. Closings of new and existing homes slid year-over-year in January after also falling in December year-over-year.

Other Market Trends

Foreclosures and real estate owned (REO) closings rose in January from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 3.7% of existing home closings, higher than 1.8% a year earlier. The percentage of existing home closings involving foreclosures went from 0.9% in January 2015 to 1.9% in January 2016 and REO closings moved from 0.9% of existing home closings in January 2015 to 1.9% in January 2016.

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