In the Billings, MT market in April, new home closings dropped year-over-year, but the decline was less than the year-over-year decline in March. New home closings moved from 24 a year earlier to 10 after the figure moved from 23 in March 2015 to 2 in March 2016.
A total of 179 new homes were sold during the 12 months that ended in April, down from 193 for the year that ended in March.
New home closings were 7.1% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 10 of the 305 total closings. For new and existing homes, closings sank in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $201,674, down from last year's $273,788. This followed a 19.5% hike in March year-over-year.
There was a decline in average mortgage size on new homes, going from $235,823 last year to $171,824 in April 2016. Average mortgage size on new homes went from $281,360 in March 2015 to $310,096 in March 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes rose from 1,929 square feet a year earlier to 2,050 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 6.1% of existing home closings, below 9.6% a year earlier. The percentage of existing home closings involving foreclosures went from 3.2% in April 2015 to 2.7% in April 2016 and REO closings as a percentage of existing home closings declined to 3.4% from 6.4% a year earlier.