New home closings in the Grand Forks, ND market 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 5.3% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 4 of the 101 total closings. Following a year-over-year decline in March, closings of new and existing homes also dropped year-over-year in April.

Pricing and Mortgage Trends

The average new home value went from $312,034 last year to $335,537. 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. Combined, foreclosures plus REO closings represented 5.2% of existing home closings, above 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 dropped to 1.0% from 2.4% a year earlier.

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