In February, there was a fall year-over-year in new home closings in the Missoula, MT market, declining after staying relatively stable in January from the year earlier. Closings stood at 1 in February after being 5 a year earlier and remaining unchanged at 2 in January from a year earlier.
A total of 39 new homes were sold during the 12 months that ended in February, down from 43 for the year that ended in January.
Last year, 5 of 103 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 94 total closings. Following a year-over-year increase in January, closings of new and existing homes dropped year-over-year in February.
Pricing and Mortgage Trends
The average value of newly sold homes in February 2016 was $149,875, down from last year's $297,167. This was on the heels of a 27.3% hike in January year-over-year.
The average mortgage size moved to $119,900, down from last year's $237,733. Average mortgage size on new homes went from $209,955 in January 2015 to $267,200 in January 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 drop from a year earlier in February, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 12.9% of existing home closings, below 16.3% a year earlier. The percentage of existing home closings involving foreclosures went from 9.2% in February 2015 to 8.6% in February 2016 and REO closings as a percentage of existing home closings dropped to 4.3% from 7.1% a year earlier.