In the Fairbanks, AK market, new home closings dropped year-over-year in November, and the decline was by a larger percentage than the October 2015. New home closings moved from 1 a year earlier to none after the figure moved from 3 in October 2014 to 2 in October 2015.
New home closings were none out of the 91 total closings, a move on a percentage basis from 1 of 117 a year earlier. For new and existing homes, closings declined in November after also declining in October year-over-year.
Other Market Trends
There were no new home closings in November 2015, but average size of newly sold homes was 1,724 a year earlier.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in November, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 19.8% of closings, below a quarter a year earlier. The percentage of existing home closings involving foreclosures sank to 5.5% in November from 10.3% a year earlier and REO closings moved from 14.7% of existing home closings in November 2014 to 14.3% in November 2015.