New home closings in the Fairbanks, AK market remained steady year-over-year in February, staying relatively stable after having decreased year-over-year in January. Closings remained level at 1 from a year earlier after the figure moved from 1 in January 2015 to none in January 2016.
1 of the 59 total closings were new home closings, a shift on a percentage basis from 1 out of 83 a year earlier. Following a year-over-year rise in January, closings of new and existing homes dropped year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $219,770, down from $257,735 a year earlier. This followed a.
The average mortgage size moved to $224,256, down from last year's $255,184.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.
The average unit size of newly sold homes rose from 1,500 square feet a year earlier to 1,722 square feet.
Foreclosures and real estate owned (REO) closings fell in February from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for 25.9% of existing closings, lower than 31.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 6.9% in February from 12.2% a year earlier and REO closings moved from 19.5% of existing home closings in February 2015 to 19.0% in February 2016.