Prices of New Homes Climb in Billings, Sales Decline According to Recent Data
Posted on: Aug 08, 2014 11:09:50 AM
In May, there was a decline year-over-year in new home closings in the Billings, MT market, and the decline was by a larger percentage than the April 2014. New home closings moved from 21 a year earlier to 8 after the figure moved from 26 in April 2013 to 10 in April 2014.
A total of 114 new homes were sold during the 12 months that ended in May, down from 127 for the year that ended in April.
New home closings represented 8 out of the 284 total closings, which is a smaller percentage than the 21 of 322 total closings a year earlier. For new and existing homes, closings fell in May after also declining in April year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $318,001 from $275,826 a year ago. This followed a 22.2% bump in April year-over-year.
Average mortgage size on new homes increased to $264,116 from $242,185 last year. Average mortgage size on new homes went from $234,809 in April 2013 to $277,521 in April 2014.