In the Fargo, ND market, closings of new homes 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. Closings of new and existing homes declined year-over-year in June after also falling 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 fall from a year earlier in June, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 1.7% of existing closings, lower than 4.6% a year earlier. The percentage of existing home closings involving foreclosures sank to 0.6% in June from 1.9% a year earlier while REO closings as a percentage of existing home closings slid to 1.1% from 2.7% a year earlier.