In the Missoula, MT market, new home closings dropped year-over-year in July, dropping after staying level in June. Closings stood at 2 in July after being 7 a year earlier and remaining unchanged at 5 in June from a year earlier.
A total of 32 new homes were sold during the 12 months that ended in July, down from 37 for the year that ended in June.
New home closings were 2 out of the 237 total closings, down on a percentage basis from 7 of 267 a year earlier. For new and existing homes, closings declined in July after also declining in June year-over-year.
Pricing and Mortgage Trends
The average new home price was $96,000, down from $182,059 a year earlier. This came after a 24.9% fall in June from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $168,625 to $76,800. Average mortgage size on new homes went from $232,306 in June 2015 to $161,680 in June 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.
Foreclosures and real estate owned (REO) closings rose in July from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 6.0% of existing home closings, up from 3.8% a year earlier. The percentage of existing home closings involving foreclosures went from 1.2% in July 2015 to 1.3% in July 2016 and REO closings as a percentage of existing home closings increased to 4.7% from 2.7%.