In the Grand Forks, ND market, new home closings slid year-over-year in March, and the decline was by a larger percentage than the February 2016. New home closings moved from 4 a year earlier to 2 after the figure moved from 3 in February 2015 to 2 in February 2016.
A total of 68 new homes were sold during the 12 months that ended in March, down from 70 for the year that ended in February.
New home closings were 3.6% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 2 of the 93 total closings. Following a year-over-year increase in February, closings of new and existing homes sank year-over-year in March.
Pricing and Mortgage Trends
The average new home price was $188,423, down from $395,625 a year earlier. This was on the heels of a 7.8% surge in February year-over-year.
There was a decline in average mortgage size on new homes, going from $334,500 last year to $186,558 in March 2016. It went from $344,955 to $344,597 from February 2015 to February 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in March 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 4.4% of existing home closings, below 7.4% a year earlier. The percentage of existing home closings involving foreclosures fell to no part in March from 3.7% a year earlier and REO closings moved from 3.7% of existing home closings in March 2015 to 4.4% in March 2016.