In the Grand Forks, ND market, closings of new homes dropped year-over-year in June, but the decline was less than the year-over-year decline in May. New home closings moved from 6 a year earlier to 5 after the figure moved from 7 in May 2015 to 4 in May 2016.
A total of 62 new homes were sold during the 12 months that ended in June, down from 63 for the year that ended in May.
New home closings were 5 out of the 151 total closings, a move on a percentage basis from 6 of 189 a year earlier. Following a year-over-year increase in May, closings of new and existing homes sank year-over-year in June.
Pricing and Mortgage Trends
The average per-unit price of new homes was $297,773, compared with $378,989 last year. This came after a 33.4% drop in May from a year earlier.
Average mortgage size on new homes fell from $344,477 to $264,634. Average mortgage size on new homes went from $357,664 in May 2015 to $237,960 in May 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 2,197 square feet a year earlier to 2,353 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 2.1% of existing home closings, down from 2.7% a year earlier. The percentage of existing home closings involving foreclosures went from 0.5% in June 2015 to no part in June 2016 and REO closings moved from 2.2% of existing home closings in June 2015 to 2.1% in June 2016.