Closings of new homes in the Missoula, MT market remained steady year-over-year in June, remaining relatively stable after moving north year-over-year in May from the year earlier. Closings remained level at 5 from a year earlier after the figure moved from 1 in May 2015 to 2 in May 2016.
A total of 37 new homes were sold during the 12 months that ended in June, equal to the number of new homes sold for the year that ended in May.
5 of the 268 total closings were new home closings, a shift on a percentage basis from 5 out of 291 a year earlier. Following a year-over-year rise in May, closings of new and existing homes fell year-over-year in June.
Pricing and Mortgage Trends
The average per-unit price of new homes was $202,100, compared with $269,133 last year. This came after a more than twofold boost in May year-over-year.
The average mortgage size moved to $161,680, down from last year's $232,306. Average mortgage size on new homes went from $176,719 in May 2015 to $406,472 in May 2016.
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 fell from 2,616 square feet a year earlier to 1,507 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 3.8% of existing home closings, below 7.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 2.3% in June from 4.2% a year earlier while REO closings as a percentage of existing home closings dropped to 1.5% from 3.5% a year earlier.