In the Grand Forks, ND market, new home closings sank year-over-year in April, but the decline was less than the year-over-year decline in March. New home closings moved from 7 a year earlier to 4 after the figure moved from 4 in March 2015 to 2 in March 2016.
A total of 65 new homes were sold during the 12 months that ended in April, down from 68 for the year that ended in March.
New home closings were 4 out of the 101 total closings, down on a percentage basis from 7 of 132 a year earlier. Closings of new and existing homes fell year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
The average new home price was $335,537, up from $312,034 a year earlier. This was on the heels of a 52.4% fall in March from a year earlier.
Average mortgage size on new homes increased to $268,429 from $265,241 last year. Average mortgage size on new homes went from $334,500 in March 2015 to $186,558 in March 2016.
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 2,201 square feet a year earlier to 2,728 square feet.
Foreclosures and real estate owned (REO) closings increased in April from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings represented 5.2% of existing home closings, up from 4.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 4.1% in April from 1.6% a year earlier while REO closings as a percentage of existing home closings slid to 1.0% from 2.4% a year earlier.