In April, the Billings, MT market saw a decline year-over-year in new home closings, but the decline was less than the year-over-year decline in March. New home closings moved from 24 a year earlier to 10 after the figure moved from 23 in March 2015 to 2 in March 2016.
A total of 179 new homes were sold during the 12 months that ended in April, down from 193 for the year that ended in March.
New home closings were 10 out of the 305 total closings, down on a percentage basis from 24 of 336 a year earlier. Closings of new and existing homes slid year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $201,674, down from last year's $273,788. This followed a 19.5% surge in March year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $235,823 to $171,824. Average mortgage size on new homes went from $281,360 in March 2015 to $310,096 in March 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 rose from 1,929 square feet a year earlier to 2,050 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 6.1% of existing home closings, below 9.6% a year earlier. The percentage of existing home closings involving foreclosures went from 3.2% in April 2015 to 2.7% in April 2016 and REO closings as a percentage of existing home closings dropped to 3.4% from 6.4% a year earlier.