New home closings in the Anchorage, AK market remained steady year-over-year in July, stabilizing after dropping in June from the year earlier. Closings remained steady from a year earlier at 35. There was a decline of 11.1% in new home closings in the same month last year.
A total of 458 new homes were sold during the 12 months that ended in July, equal to the number of new homes sold for the year that ended in June.
New home closings accounted for 4.1% of overall housing closings. New home closings were 3.9% of overall closings last year. Following a year-over-year rise in June, closings of new and existing homes sank year-over-year in July.
Pricing and Mortgage Trends
The average per-unit value of new homes slid year-over-year to $330,109 in July, a fall of 2.1% from a year earlier. This decline compares to a 4.4% bump in June year-over-year.
The average mortgage size on newly sold homes saw a drop year-over-year in contrast to new home prices. In July 2015, average mortgage size on new homes sold was $293,973, down 4.6% from a year earlier. Average mortgage size climbed 4.2% in June 2015 from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2015. Single-family home closings have accounted for 77.1% of new home closings while attached unit closings have represented 22.9% of closings.
For all new homes sold, the average unit size sank 14.9% year-over-year to 1,852 square feet in July 2015. In June, the average size of new homes sold went from 2,059 square feet a year earlier to 2,360 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 9.5% of existing home closings, below 9.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 3.1% in July from 4.8% a year earlier while REO closings as a percentage of existing home closings gained to 6.4% from 5.1%.