The Missoula, MT market saw no change in new home closings year-over-year in November, staying level after a year-over-year decline in October from the year earlier. Closings remained level at 4 from a year earlier after the figure moved from 3 in October 2014 to 1 in October 2015.
A total of 44 new homes were sold during the 12 months that ended in November, equal to the number of new homes sold for the year that ended in October.
4 of the 172 total closings were new home closings, a shift on a percentage basis from 4 out of 124 a year earlier. Closings of new and existing homes grew year-over-year in November after also rising in October year-over-year.
Pricing and Mortgage Trends
The average new home price was $165,432, down from $296,112 a year earlier. This was on the heels of a 28.2% gain in October year-over-year.
The average mortgage size moved to $176,000, down from last year's $255,019. Average mortgage size on new homes went from $319,800 in October 2014 to $410,106 in October 2015.
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 rose from 1,680 square feet a year earlier to 4,264 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 6.5% of existing closings, lower than 10.0% a year earlier. The percentage of existing home closings involving foreclosures sank to 2.4% in November from 5.0% a year earlier and REO closings moved from 5.0% of existing home closings in November 2014 to 4.2% in November 2015.