In April, the Great Falls, MT market saw a fall year-over-year in new home closings, but the decline was less than the year-over-year decline in March. New home closings moved from 5 a year earlier to 1 after the figure moved from 1 in March 2015 to none in March 2016.
Last year, 5 of 152 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 153 total closings. Closings of new and existing homes stayed level after increasing in March year-over-year.
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.
The average unit size of newly sold homes rose from 2,311 square feet a year earlier to 2,416 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 12.5% of existing home closings, below 20.4% a year earlier. The percentage of existing home closings involving foreclosures sank to 5.9% in April from 10.2% a year earlier while REO closings as a percentage of existing home closings dropped to 6.6% from 10.2% a year earlier.