There was an increase in new home closings in the Grand Forks, ND market in July year-over-year, rebounding from a year-over-year decline in June 2016. New home closings moved from 3 a year earlier to 6 after the figure moved from 6 in June 2015 to 5 in June 2016.
A total of 65 new homes were sold during the 12 months that ended in July, up from 62 for the year that ended in June.
New home closings were 6 out of 153 total closings, making up 3.9%. This is up on a percentage basis from 3 of 162 a year earlier. Following a year-over-year decline in June, closings of new and existing homes also slid year-over-year in July.
Pricing and Mortgage Trends
The average per-unit price of new homes was $267,512, compared with $459,419 last year. This followed a 21.4% fall in June from a year earlier.
There was a decline in average mortgage size on new homes, going from $397,335 last year to $237,812 in July 2016. Average mortgage size on new homes went from $344,477 in June 2015 to $264,634 in June 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 2,537 square feet a year earlier to 2,448 square feet.
Foreclosures and real estate owned (REO) closings increased in July from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings made up 3.4% of existing home closings, up from 1.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 1.4% in July from no part a year earlier and REO closings moved from 1.9% of existing home closings in July 2015 to 2.0% in July 2016.