The Billings, MT market saw a drop in new home closings 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.
New home closings were 6 out of the 393 total closings, down on a percentage basis from 32 of 363 a year earlier. Closings of new and existing homes climbed year-over-year in June after also rising in May year-over-year.
Pricing and Mortgage Trends
The average new home price was $245,469, up from $237,576 a year earlier. This was on the heels of a 14.4% drop in May from a year earlier.
There was a decline in average mortgage size on new homes, going from $204,733 last year to $200,145 in June 2016. 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. Foreclosures and REO closings, taken together, accounted for 5.7% of existing closings, lower than 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 dropped to 1.6% from 4.2% a year earlier.