New Home Sales Gain in Great Falls, Prices Decline According to Latest Data
Posted on: Aug 08, 2014 11:24:04 AM
In the Great Falls, MT market, new home closings jumped year-over-year in May, rebounding from a year-over-year decline in April 2014. New home closings moved from 2 a year earlier to 3 after the figure moved from 3 in April 2013 to 1 in April 2014.
New home closings were 3 out of the 134 total closings, a move on a percentage basis from 2 of 140 a year earlier. Following a year-over-year decline in April, closings of new and existing homes also declined year-over-year in May.
Pricing and Mortgage Trends
The average new home price was $270,254, down from $311,862 a year earlier. This was on the heels of a 8.4% drop in April from a year earlier.
The average mortgage size went down to $240,078 from $290,675 a year earlier. Average mortgage size on new homes went from $219,210 in April 2013 to $174,325 in April 2014.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2014.