In the Anchorage, AK market, closings of new homes sank year-over-year in August, moving south after minimal change in July from the year earlier. New home closings saw a 47.3% fall from a year earlier to 29. Closings remained the same in July from the year earlier.
A total of 445 new homes were sold during the 12 months that ended in August, down from 471 for the year that ended in July.
Out of all housing closings, new home closings represented 3.4%. This is down from the a year earlier when new home closings accounted for 6.4% of total closings. Closings of new and existing homes sank year-over-year in August after also falling in July year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes dropped 10.1% year-over-year in August to $326,787 per unit. This fall is larger than the 2.1% drop in July from a year earlier.
The average mortgage size on newly sold homes sank year-over-year in contrast to the average price of new homes. Average mortgage size slid by 6.2% from a year earlier, settling at $305,501 in August. Average mortgage size slid 4.6% in July 2015 from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. The share of new home closings belonging to single-family homes grew from 74.5% in August 2014 to 79.3% of closings in August 2015. At the same time, the share of new home closings belonging to attached units sank to 20.7% of closings from 25.5% of closings.
For all new homes sold, the average unit size increased 6.5% year-over-year to 2,475 square feet in August 2015. The average size of newly sold homes moved from 2,176 square feet in July 2014 to 1,852 square feet in July 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 7.4% of existing closings, lower than 9.8% a year earlier. The percentage of existing home closings involving foreclosures went from 4.9% in August 2014 to 3.9% in August 2015 and REO closings as a percentage of existing home closings fell to 3.4% from 4.9% a year earlier.