The Fairbanks, AK market saw a rise in new home closings in August year-over-year, rebounding from a year-over-year decline in July 2015. New home closings moved from 1 a year earlier to 2 after the figure moved from 1 in July 2014 to none in July 2015.
New home closings were 2 out of the 194 total closings, a move on a percentage basis from 1 of 159 a year earlier. Closings of new and existing homes rose year-over-year in August following a decline in July year-over-year.
Pricing and Mortgage Trends
The average new home value went from $339,362 last year to $372,769. This was on the heels of a.
Average mortgage size on newly sold homes saw a decline year-over-year from $346,288 to $298,216.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
Foreclosures and real estate owned (REO) closings continued to increase in August from a year earlier and remained a burden on the market. Foreclosures and REO closings, taken together, made up a quarter of existing home closings, higher than 22.8% a year earlier. The percentage of existing home closings involving foreclosures slid to 7.8% in August from 10.1% a year earlier while REO closings as a percentage of existing home closings jumped to 17.2% from 12.7%.