Closings of new homes in the Grand Forks, ND market sank year-over-year in February, and the decline was by a larger percentage than the January 2016. New home closings moved from 3 a year earlier to none after the figure moved from 4 in January 2015 to 1 in January 2016.

On a percentage basis, new home closings as a part of total closings decreased to no part from 4.7% a year earlier. Following a year-over-year increase in January, closings of new and existing homes also gained year-over-year in February.

Other Market Trends

There were no new home closings in February 2016, but average size of newly sold homes was 3,436 a year earlier.

Foreclosures and real estate owned (REO) closings rose in February from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings made up 6.0% of existing home closings, up from no part a year earlier. The percentage of existing home closings involving foreclosures rose to 4.8% in February from no part a year earlier while REO closings as a percentage of existing home closings climbed to 1.2% from no part.

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