There was an increase in closings of new homes in the Missoula, MT market in September year-over-year, rebounding from a year-over-year decline in August 2015. New home closings moved from 2 a year earlier to 4 after the figure moved from 5 in August 2014 to 4 in August 2015.

A total of 45 new homes were sold during the 12 months that ended in September, up from 43 for the year that ended in August.

New home closings were 4 of the 188 total closings, up on a percentage basis from 2 of 181 a year earlier. For new and existing homes, closings increased year-over-year in September after also increasing in August year-over-year.

Other Market Trends

As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.

The average unit size of newly sold homes rose from 1,046 square feet a year earlier to 1,791 square feet.

Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 5.4% of existing home closings, down from 7.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 1.1% in September from 4.5% a year earlier while REO closings as a percentage of existing home closings climbed to 4.3% from 2.8%.

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