Recent Figures Indicate New Home Closings in Grand Forks Decrease
Posted on: Aug 08, 2014 11:23:34 AM
The Grand Forks, ND market saw a drop in new home closings year-over-year in May, and the decline was by a larger percentage than the April 2014. New home closings moved from 2 a year earlier to none after the figure moved from 3 in April 2013 to 1 in April 2014.
New home closings were none out of the 120 total closings, down on a percentage basis from 2 of 184 a year earlier. Closings of new and existing homes sank year-over-year in May after also falling in April year-over-year.
Other Market Trends
There were no new home closings in May 2014, but average size of newly sold homes was 1,591 a year earlier.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in May, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 4.2% of closings, below 6.0% a year earlier. The percentage of existing home closings involving foreclosures dropped to 1.7% in May from 2.7% a year earlier and REO closings moved from 3.3% of existing home closings in May 2013 to 2.5% in May 2014.
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