New Home Sales Remain Level in Great Falls, Prices Decline According to Recent Data
Posted on: Jul 06, 2014 07:14:10 AM
Closings of new homes in the Great Falls, MT market saw no change year-over-year in April, remaining level after showing little movement in March from the year earlier. Closings stayed at 3, unchanged from a year earlier after being consistent at 1 in March from the year earlier.
3 of the 106 total closings were new home closings, a shift on a percentage basis from 3 out of 133 a year earlier. Closings of new and existing homes slid year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2014 was $168,318, down from last year's $237,765. This was on the heels of a 30.3% hike in March year-over-year.
There was a decline in average mortgage size on new homes, going from $219,210 last year to $168,655 in April 2014. Average mortgage size on new homes went from $171,000 in March 2013 to $275,793 in March 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 April 2014.