Closings of new homes in the Bangor, ME market remained steady year-over-year in April, staying level after a year-over-year increase in March from a year earlier. Closings remained level at 1 from a year earlier after the figure moved from none in March 2015 to 2 in March 2016. New home closings moved from 1 a year earlier to 1 after the figure moved from none in March 2015 to 2 in March 2016.
Out of the 129 total closings, 1 were new home closings. This is consistent on a percentage basis with a year earlier. Closings of new and existing homes climbed in April after staying steady in March from a year earlier.
Pricing and Mortgage Trends
The average new home value went from $228,619 last year to $272,798. This followed a set of periods with no new home closings in both March 2016 or March 2015.
Average mortgage size on new homes increased to $218,238 from $182,895 last year.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 12.5% of existing home closings, below 15.6% a year earlier. The percentage of existing home closings involving foreclosures dropped to 5.5% in April from 6.6% a year earlier while REO closings as a percentage of existing home closings fell to 7.0% from 9.0% a year earlier.