The Montgomery, AL market saw a drop in new home closings year-over-year in February, but the decline was less than the year-over-year decline in January. New home closings moved from 16 a year earlier to 2 after the figure moved from 13 in January 2015 to none in January 2016.
New home closings were 6.2% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 2 of the 66 total closings. For new and existing homes, closings declined in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $271,870 from $238,637 a year ago. This was on the heels of a.
There was a decline in average mortgage size on new homes, going from $221,340 last year to $171,330 in February 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.
Out of all existing home closings, foreclosures combined with REO closings accounted for 39.1% of closings. In February 2015, they made up 39.1%. The percentage of existing home closings involving foreclosures sank to 12.5% in February from 15.6% a year earlier while REO closings as a percentage of existing home closings grew to 26.6% from 23.5%.