Closings of new homes sank year-over-year in February in the Great Falls, MT market, but the decline was less than the year-over-year decline in January. New home closings moved from 3 a year earlier to 1 after the figure moved from 1 in January 2015 to none in January 2016.

New home closings were 3.2% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 1 of the 119 total closings. Following a decline in January year-over-year, closings of new and existing homes gained year-over-year in February.

Pricing and Mortgage Trends

The average price of new homes rose to $182,500 from last year's $160,764. This came after a.

Average mortgage size on new homes rose from $141,183 to $146,000.

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.

Foreclosures and real estate owned (REO) closings continued to rise in February from a year earlier and stayed a drag on the market. Together, foreclosures plus REO closings accounted for 33.1% of existing home closings, up from a quarter a year earlier. The percentage of existing home closings involving foreclosures slid to 7.6% in February from 14.1% a year earlier while REO closings as a percentage of existing home closings climbed to 25.4% from 10.9%.

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