Freshest Numbers Show New Home Closings Climb in Great Falls, Prices Fall
Posted on: Dec 06, 2013 07:18:50 AM
In September, there was an increase in closings of new homes in the Great Falls, MT market year-over-year, and the increase was greater than August 2013. New home closings moved from 1 a year earlier to 3 after the figure moved from 2 in August 2012 to 5 in August 2013.
New home closings were 3 out of 133 total closings, making up 2.3%. This is up on a percentage basis from 1 of 131 a year earlier. After dropping in August from a year earlier, closings of new and existing homes gained year-over-year in September.
Pricing and Mortgage Trends
The average value of newly sold homes in September 2013 was $268,748, down from last year's $302,615. This came after a 38.7% decline in August from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $242,092 to $238,038. Average mortgage size on new homes went from $252,944 in August 2012 to $163,268 in August 2013.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in September 2013.