Closings of new homes in the Great Falls, MT market declined year-over-year in May, and the decline was by a larger percentage than the April 2016. New home closings moved from 2 a year earlier to none after the figure moved from 5 in April 2015 to 1 in April 2016.
New home closings were 1.3% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up none of the 130 total closings. Following a year-over-year rise in April, closings of new and existing homes dropped year-over-year in May.
Other Market Trends
There were no new home closings in May 2016, but average size of newly sold homes was 1,230 a year earlier.
Foreclosures and real estate owned (REO) closings rose in May from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 16.9% of existing home closings, higher than 15.6% a year earlier. The percentage of existing home closings involving foreclosures sank to 4.6% in May from 8.8% a year earlier while REO closings as a percentage of existing home closings increased to 12.3% from 6.8%.