New Home Closings and Prices in Missoula Fall According to Newest Figures
Posted on: Aug 08, 2014 11:36:51 AM
In May, the Missoula, MT market saw a decline year-over-year in new home closings, but the decline was less than the year-over-year decline in April. New home closings moved from 7 a year earlier to 6 after the figure moved from 5 in April 2013 to 2 in April 2014.
New home closings were 6 out of the 184 total closings, a move on a percentage basis from 7 of 230 a year earlier. Following a year-over-year decline in April, closings of new and existing homes also slid year-over-year in May.
Pricing and Mortgage Trends
The average value of newly sold homes in May 2014 was $171,860, down from last year's $178,390. This followed a 2.2% fall in April from a year earlier.
Average mortgage size on new homes increased to $181,435 from $158,968 last year. Average mortgage size on new homes went from $212,419 in April 2013 to $264,964 in April 2014.
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.