In the Bismarck, ND market, new home closings slid year-over-year in July, and the decline was by a larger percentage than the June 2016. New home closings moved from 24 a year earlier to 11 after the figure moved from 31 in June 2015 to 15 in June 2016.
A total of 165 new homes were sold during the 12 months that ended in July, down from 178 for the year that ended in June.
On a percentage basis, new home closings as a part of total closings decreased to 5.6% from 9.6% a year earlier. For new and existing homes, closings sank in July after also declining in June year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $287,943, compared with $292,411 last year. This followed a 8.7% decline in June from a year earlier.
The average mortgage size on new homes was $244,506, up from $241,127. Average mortgage size dropped 6.8% in June 2016 from a year earlier.
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 increased in July from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 2.1% of existing home closings, higher than 0.9% a year earlier. The percentage of existing home closings involving foreclosures went from no part in July 2015 to 0.5% in July 2016 and REO closings moved from 0.9% of existing home closings in July 2015 to 1.6% in July 2016.