In the Bismarck, ND market in April, new home closings declined year-over-year, and the decline was by a larger percentage than the March 2016. New home closings moved from 29 a year earlier to 10 after the figure moved from 20 in March 2015 to 10 in March 2016.
A total of 204 new homes were sold during the 12 months that ended in April, down from 223 for the year that ended in March.
New home closings represented 10 out of the 180 total closings, which is a smaller percentage than the 29 of 171 total closings a year earlier. Following a fall in March year-over-year, closings of new and existing homes rose year-over-year in April.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $281,308, down from last year's $302,757. This came after a 38.7% hike in March year-over-year.
Average mortgage size on new homes increased to $258,236 from $250,428 last year. Average mortgage size on new homes went from $243,092 in March 2015 to $268,663 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 rose in April from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 2.4% of existing home closings, above 2.1% a year earlier. The percentage of existing home closings involving foreclosures went from 0.7% in April 2015 to 1.2% in April 2016 and REO closings moved from 1.4% of existing home closings in April 2015 to 1.2% in April 2016.