New home closings fell year-over-year in June in the Great Falls, MT market, but the decline was less than the year-over-year decline in May. New home closings moved from 7 a year earlier to 1 after the figure moved from 2 in May 2015 to none in May 2016.
New home closings represented 1 out of the 173 total closings, which is a smaller percentage than the 7 of 171 total closings a year earlier. Following a drop in May year-over-year, closings of new and existing homes gained year-over-year in June.
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 continued to decline from a year earlier in June, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 9.9% of existing closings, lower than 14.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 4.7% in June from 7.9% a year earlier while REO closings as a percentage of existing home closings fell to 5.2% from 6.7% a year earlier.