In April, the Fayetteville, NC market saw a fall year-over-year in new home closings, and the decline was by a larger percentage than the March 2016. New home closings moved from 72 a year earlier to 11 after the figure moved from 69 in March 2015 to 25 in March 2016.
A total of 340 new homes were sold during the 12 months that ended in April, down from 401 for the year that ended in March.
Last year, 72 of 531 total closings were new homes, and this percentage saw a decline as new home closings this year made up 11 of the 459 total closings. Following a period of little movement in March from a year earlier, closings of new and existing homes dropped year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes was $246,100, an increase from $231,801 a year earlier. This was on the heels of a 35.1% drop in March from a year earlier.
The average mortgage size moved to $227,128, down from last year's $232,994. Average mortgage size rose 9.4% in March 2016 from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 2,565 square feet a year earlier to 2,402 square feet.
Foreclosures and real estate owned (REO) closings fell in April from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings represented 43.3% of existing home closings, below 48.6% a year earlier. The percentage of existing home closings involving foreclosures sank to 18.1% in April from 24.8% a year earlier while REO closings as a percentage of existing home closings grew to 25.2% from 23.7%.