In the Fayetteville, NC market in July, new home closings slid year-over-year, but the decline was less than the year-over-year decline in June. New home closings moved from 45 a year earlier to 9 after the figure moved from 64 in June 2015 to 11 in June 2016.
A total of 199 new homes were sold during the 12 months that ended in July, down from 235 for the year that ended in June.
On a percentage basis, new home closings as a part of total closings decreased to 2.0% from 8.4% a year earlier. Following a year-over-year decline in June, closings of new and existing homes also sank year-over-year in July.
Pricing and Mortgage Trends
The average new home value went from $241,278 last year to $255,778. This followed a 8.6% drop in June from a year earlier.
The average mortgage size on new homes was $267,674, up from $239,057. Average mortgage size on new homes went from $228,402 in June 2015 to $217,235 in June 2016.
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 2,736 square feet a year earlier to 2,692 square feet.
Foreclosures and real estate owned (REO) closings decreased in July from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, accounted for 31.1% of existing closings, lower than 40.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 16.2% in July from 18.4% a year earlier while REO closings as a percentage of existing home closings slid to 14.9% from 21.9% a year earlier.