In March, there was a fall year-over-year in new home closings in the Bismarck, ND market, and the decline was by a larger percentage than the February 2016. New home closings moved from 20 a year earlier to 10 after the figure moved from 20 in February 2015 to 11 in February 2016.
A total of 223 new homes were sold during the 12 months that ended in March, down from 233 for the year that ended in February.
New home closings represented 10 out of the 148 total closings, which is a smaller percentage than the 20 of 162 total closings a year earlier. Closings of new and existing homes fell year-over-year in March after also falling in February year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $377,095 from $271,838 a year ago. This came after a 16.3% surge in February year-over-year.
Average mortgage size on new homes rose from $243,092 to $268,663. Average mortgage size on new homes went from $283,963 in February 2015 to $256,240 in February 2016.
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.
Foreclosures and real estate owned (REO) closings rose in March from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 4.3% of existing home closings, higher than 2.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 2.9% in March from 0.7% a year earlier while REO closings as a percentage of existing home closings stayed level at 1.4%.