In March, there was a fall year-over-year in new home closings in the Billings, MT market, and the decline was by a larger percentage than the February 2016. New home closings moved from 23 a year earlier to 2 after the figure moved from 16 in February 2015 to 3 in February 2016.
A total of 193 new homes were sold during the 12 months that ended in March, down from 214 for the year that ended in February.
New home closings were 7.9% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 2 of the 249 total closings. For new and existing homes, closings slid in March after also declining in February year-over-year.
Pricing and Mortgage Trends
The average new home value went from $324,416 last year to $387,620. This was on the heels of a 30.3% bump in February year-over-year.
Average mortgage size on new homes increased to $310,096 from $281,360 last year. Average mortgage size on new homes went from $265,650 in February 2015 to $312,299 in February 2016.
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.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in March, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 8.1% of existing home closings, down from 12.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 4.5% in March from 5.6% a year earlier while REO closings as a percentage of existing home closings sank to 3.6% from 6.4% a year earlier.