In the Rocky Mount, NC market in November, new home closings sank year-over-year, and the decline was by a larger percentage than the October 2015. New home closings moved from 3 a year earlier to 1 after the figure moved from 8 in October 2014 to 4 in October 2015.
A total of 47 new homes were sold during the 12 months that ended in November, down from 49 for the year that ended in October.
New home closings were 3.4% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 1 of the 83 total closings. Closings of new and existing homes declined year-over-year in November after also falling in October year-over-year.
Pricing and Mortgage Trends
The average new home value went from $201,000 last year to $285,000. This was on the heels of a 9.1% gain in October year-over-year.
Average mortgage size on new homes rose from $175,419 to $275,488. Average mortgage size on new homes went from $196,532 in October 2014 to $226,002 in October 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2015.
Foreclosures and real estate owned (REO) closings declined in November from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 36.6% of closings, below 44.7% a year earlier. The percentage of existing home closings involving foreclosures dropped to 18.3% in November from 23.5% a year earlier while REO closings as a percentage of existing home closings slid to 18.3% from 21.2% a year earlier.