New home closings in the Fargo, ND market declined year-over-year in June, and the decline was by a larger percentage than the May 2016. New home closings moved from 69 a year earlier to none after the figure moved from 66 in May 2015 to 31 in May 2016.

New home closings were 11.7% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up none of the 176 total closings. For new and existing homes, closings fell in June after also declining in May year-over-year.

Other Market Trends

There were no new home closings in June 2016, but average size of newly sold homes was 1,873 a year earlier.

Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 1.7% of existing home closings, down from 4.6% a year earlier. The percentage of existing home closings involving foreclosures dropped to 0.6% in June from 1.9% a year earlier while REO closings as a percentage of existing home closings sank to 1.1% from 2.7% a year earlier.

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