New home closings in the Billings, MT market fell year-over-year in June, and the decline was by a larger percentage than the May 2016. New home closings moved from 32 a year earlier to 6 after the figure moved from 32 in May 2015 to 7 in May 2016.
A total of 128 new homes were sold during the 12 months that ended in June, down from 154 for the year that ended in May.
On a percentage basis, new home closings as a part of total closings decreased to 1.5% from 8.8% a year earlier. Following a year-over-year increase in May, closings of new and existing homes also rose year-over-year in June.
Pricing and Mortgage Trends
The average price of new homes was $245,469, an increase from $237,576 a year earlier. This followed a 14.4% decline in May from a year earlier.
Average mortgage size on new homes fell from $204,733 to $200,145. Average mortgage size on new homes went from $245,350 in May 2015 to $213,888 in May 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 fell from 1,817 square feet a year earlier to 1,581 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 5.7% of closings, below 6.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 4.1% in June from 2.1% a year earlier while REO closings as a percentage of existing home closings sank to 1.6% from 4.2% a year earlier.