Closings of new homes sank year-over-year in July in the Billings, MT market, and the decline was by a larger percentage than the June 2015. New home closings moved from 17 a year earlier to 6 after the figure moved from 21 in June 2014 to 10 in June 2015.
A total of 102 new homes were sold during the 12 months that ended in July, down from 113 for the year that ended in June.
On a percentage basis, new home closings as a part of total closings decreased to 1.5% from 5.3% a year earlier. After dropping in June from a year earlier, closings of new and existing homes gained year-over-year in July.
Pricing and Mortgage Trends
The average new home value went from $307,426 last year to $396,944. This came after a 13.6% rise in June year-over-year.
Average mortgage size on new homes went from $257,677 a year earlier to $330,362. Average mortgage size on new homes went from $202,670 in June 2014 to $221,684 in June 2015.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold.
The average unit size of newly sold homes fell from 1,606 square feet a year earlier to 1,012 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 5.0% of closings, below 6.6% a year earlier. The percentage of existing home closings involving foreclosures fell to 2.4% in July from 4.3% a year earlier and REO closings moved from 2.3% of existing home closings in July 2014 to 2.6% in July 2015.