The Bangor, ME market saw no change in new home closings year-over-year in December, staying flat after dropping year-over-year in November from the year earlier. Closings remained level at 1 from a year earlier after the figure moved from 2 in November 2014 to none in November 2015.
New home closings were 1 out of the 133 total closings, a move on a percentage basis from 1 of 98 a year earlier. Following a year-over-year increase in November, closings of new and existing homes also increased year-over-year in December.
Pricing and Mortgage Trends
The average per-unit price of new homes was $103,000, compared with $242,847 last year. This followed a.
Average mortgage size on newly sold homes saw a decline year-over-year from $247,803 to $82,400.
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.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in December, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 16.7% of existing home closings, down from 23.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 6.1% in December from 7.2% a year earlier while REO closings as a percentage of existing home closings slid to 10.6% from 16.5% a year earlier.