In May, closings of new homes in the Missoula, MT market climbed year-over-year, and the increase was similar to April 2016. New home closings moved from 1 a year earlier to 2 after the figure moved from 1 in April 2015 to 2 in April 2016.
A total of 37 new homes were sold during the 12 months that ended in May, up from 36 for the year that ended in April.
New home closings were 2 out of the 231 total closings, a move on a percentage basis from 1 of 183 a year earlier. After dropping in April from a year earlier, closings of new and existing homes increased year-over-year in May.
Pricing and Mortgage Trends
The average new home value went from $220,898 last year to $452,943. This was on the heels of a 24.6% drop in April from a year earlier.
Average mortgage size on new homes rose from $176,719 to $406,472. Average mortgage size on new homes went from $346,500 in April 2015 to $261,250 in April 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 May 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in May, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 3.5% of existing home closings, down from 4.4% a year earlier. The percentage of existing home closings involving foreclosures went from 1.6% in May 2015 to 2.6% in May 2016 and REO closings as a percentage of existing home closings slid to 0.9% from 2.7% a year earlier.