In the Anchorage, AK market in February, closings of new homes dropped year-over-year, and the decline was by a larger percentage than the January 2016. New home closings moved from 38 a year earlier to 14 after the figure moved from 30 in January 2015 to 21 in January 2016.
A total of 379 new homes were sold during the 12 months that ended in February, down from 403 for the year that ended in January.
New home closings were 14 out of the 489 total closings, down on a percentage basis from 38 of 522 a year earlier. For new and existing homes, closings declined in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average new home price was $345,341, down from $351,232 a year earlier. This was on the heels of a 18.6% fall in January from a year earlier.
The average mortgage size moved to $300,332, down from last year's $316,618. In January 2016, average mortgage size sank 12.9% from a year earlier.
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 rose from 1,905 square feet a year earlier to 5,465 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in February, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 12.2% of existing closings, lower than 16.1% a year earlier. The percentage of existing home closings involving foreclosures went from 6.2% in February 2015 to 5.3% in February 2016 and REO closings as a percentage of existing home closings fell to 6.9% from 9.9% a year earlier.