In the Billings, MT market, closings of new homes slid year-over-year in November, and the decline was by a larger percentage than the October 2015. New home closings moved from 33 a year earlier to 10 after the figure moved from 23 in October 2014 to 12 in October 2015.
A total of 255 new homes were sold during the 12 months that ended in November, down from 278 for the year that ended in October.
Last year, 33 of 239 total closings were new homes, and this percentage saw a decline as new home closings this year made up 10 of the 233 total closings. Following a year-over-year decline in October, closings of new and existing homes also fell year-over-year in November.
Pricing and Mortgage Trends
The average new home value went from $283,075 last year to $306,088. This followed a 4.3% bump in October year-over-year.
Average mortgage size on new homes rose from $236,435 to $259,894. Average mortgage size on new homes went from $238,935 in October 2014 to $263,489 in October 2015.
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 rose from 2,122 square feet a year earlier to 2,193 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in November, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 7.2% of closings, below 8.3% a year earlier. The percentage of existing home closings involving foreclosures went from 3.4% in November 2014 to 4.0% in November 2015 and REO closings as a percentage of existing home closings slid to 3.1% from 4.9% a year earlier.