New home closings fell year-over-year in January in the Fairbanks, AK market, and the decline was by a larger percentage than the December 2015. New home closings moved from 1 a year earlier to none after the figure moved from 3 in December 2014 to 2 in December 2015.
Last year, 1 of 79 total closings were new homes, and this percentage saw a decline as new home closings this year made up none of the 91 total closings. Following a drop in December year-over-year, closings of new and existing homes jumped year-over-year in January.
Other Market Trends
There were no new home closings in January 2016, but average size of newly sold homes was 3,235 a year earlier.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in January, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 23.1% of closings, below 37.2% a year earlier. The percentage of existing home closings involving foreclosures slid to 8.8% in January from 16.7% a year earlier while REO closings as a percentage of existing home closings declined to 14.3% from 20.5% a year earlier.