There was an increase in closings of new homes in the Missoula, MT market in April year-over-year, rebounding from a year-over-year decline in March 2016. New home closings moved from 1 a year earlier to 2 after the figure moved from 5 in March 2015 to 1 in March 2016.
A total of 36 new homes were sold during the 12 months that ended in April, up from 35 for the year that ended in March.
2 of the 176 total closings were new home closings, a shift on a percentage basis from 1 out of 209 a year earlier. Following a year-over-year decline in March, closings of new and existing homes also sank year-over-year in April.
Pricing and Mortgage Trends
The average per-unit price of new homes was $326,563, compared with $433,125 last year. This came after a 47.5% lift in March year-over-year.
There was a decline in average mortgage size on new homes, going from $346,500 last year to $261,250 in April 2016. Average mortgage size on new homes went from $219,450 in March 2015 to $323,724 in March 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 April 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 6.9% of existing home closings, below 7.2% a year earlier. The percentage of existing home closings involving foreclosures slid to 2.3% in April from 3.4% a year earlier and REO closings moved from 3.8% of existing home closings in April 2015 to 4.6% in April 2016.