In the Wilmington, NC market in September, closings of new homes dropped year-over-year, and the decline was by a larger percentage than the August 2015. New home closings moved from 81 a year earlier to 13 after the figure moved from 87 in August 2014 to 39 in August 2015.
A total of 673 new homes were sold during the 12 months that ended in September, down from 741 for the year that ended in August.
New home closings were 13 out of the 132 total closings, a move on a percentage basis from 81 of 753 a year earlier. For new and existing homes, closings dropped in September after also declining in August year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in September 2015 was $239,154, down from last year's $267,940. This followed a 12.4% surge in August year-over-year.
Average mortgage size on new homes went from $201,068 a year earlier to $230,869. In August 2015, average mortgage size climbed 7.1% from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes fell from 2,071 square feet a year earlier to 1,487 square feet.
Out of all existing home closings, foreclosures combined with REO closings made up 20.2% of closings. In September 2014, they accounted for 20.2%. The percentage of existing home closings involving foreclosures fell to 7.6% in September from 11.8% a year earlier while REO closings as a percentage of existing home closings jumped to 12.6% from 8.5%.