In February, the Jacksonville, NC market saw a fall year-over-year in new home closings, but the decline was less than the year-over-year decline in January. New home closings moved from 60 a year earlier to 10 after the figure moved from 50 in January 2015 to 7 in January 2016.
A total of 391 new homes were sold during the 12 months that ended in February, down from 441 for the year that ended in January.
New home closings were 17.3% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 10 of the 284 total closings. Closings of new and existing homes slid year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average new home price was $181,600, down from $191,018 a year earlier. This followed a 11.3% rise in January year-over-year.
There was a decline in average mortgage size on new homes, going from $190,147 last year to $183,165 in February 2016. Average mortgage size on new homes went from $204,816 in January 2015 to $219,195 in January 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.
The average unit size of newly sold homes rose from 2,010 square feet a year earlier to 2,033 square feet.
Foreclosures and real estate owned (REO) closings continued to rise in February from a year earlier and remained a drag on the market. Together, foreclosures plus REO closings made up 60.2% of existing home closings, up from 57.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 30.7% in February from 27.5% a year earlier and REO closings moved from 30.3% of existing home closings in February 2015 to 29.6% in February 2016.