Closings of new homes in the Grand Forks, ND market remained unchanged year-over-year in September, staying flat after dropping year-over-year in August from the year earlier. Closings remained level at 5 from a year earlier after the figure moved from 3 in August 2014 to 1 in August 2015.

A total of 52 new homes were sold during the 12 months that ended in September, equal to the number of new homes sold for the year that ended in August.

5 of the 151 total closings were new home closings, a shift on a percentage basis from 5 out of 145 a year earlier. After dropping in August from a year earlier, closings of new and existing homes climbed year-over-year in September.

Pricing and Mortgage Trends

The average new home value went from $308,596 last year to $422,389. This came after a 67.0% decline in August from a year earlier.

Average mortgage size on new homes went from $276,901 a year earlier to $383,021.

Other Market Trends

As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.

The average unit size of newly sold homes rose from 2,191 square feet a year earlier to 3,039 square feet.

Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 2.7% of existing home closings, down from 3.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 1.4% in September from 2.9% a year earlier and REO closings moved from 0.7% of existing home closings in September 2014 to 1.4% in September 2015.

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