There was an increase in closings of new homes in the Greenville, NC market in April year-over-year, bouncing back from a decline in March 2016. New home closings saw a climb of 3.8% from the year earlier to 27. In comparison, new home closings in the same month last year saw a 3.3% fall year-over-year in March.
A total of 283 new homes were sold during the 12 months that ended in April, up from 282 for the year that ended in March.
Closings of new homes made up 11.1% of total closings, consistent with last year's figures. Closings of new and existing homes climbed year-over-year in April after also rising in March year-over-year.
Pricing and Mortgage Trends
In April, the average price of newly sold homes grew 8.1% year-over-year to $200,393 per unit. This rise is smaller than the 9.9% gain in March year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. In April 2016, the average mortgage size was $196,259, up 6.9% from a year earlier. Average mortgage size dropped 4.9% in March 2016 from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. Single-family home closings climbed from 96.2% of new closings in April 2015 to all of closings in April 2016. Conversely, the share of new home closings belonging to attached units declined to no part of closings from 3.8% of closings.
There was a 6.7% bump year-over-year in the average unit size of newly sold homes to 2,013 square feet in April 2016. In March, the average size of new homes sold went from 2,076 square feet a year earlier to 2,514 square feet. An increase was also seen in March 2016 when the average size of new homes sold increased 21.1% to 2,514 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 15.7% of existing home closings, below 23.4% a year earlier. The percentage of existing home closings involving foreclosures dropped to 5.6% in April from 12.0% a year earlier while REO closings as a percentage of existing home closings fell to 10.2% from 11.5% a year earlier.