In the Greenville, NC market, closings of new homes climbed year-over-year in May, and the market seemed to be improving as the percentage lift was larger than that of April 2016. Closings gained 19.0% from a year earlier to 25. This was after the housing market saw a 3.8% climb year-over-year in April.
A total of 288 new homes were sold during the 12 months that ended in May, up from 284 for the year that ended in April.
As a percentage of overall housing closings, new home closings made up 9.8%. This is a bump from 7.7% of closings a year earlier. After rising year-over-year in April, closings of new and existing homes fell year-over-year in May.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes gained year-over-year to $195,920 in May, up 8.5% from last year. This bump is higher than the 8.1% boost in April year-over-year.
For newly sold homes, the average mortgage size climbed year-over-year along with new home prices. In May 2016, there was a 6.6% lift in the average mortgage size, reaching $175,821. Average mortgage size increased 6.9% in April 2016 from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have risen from last year while single-family home closings have dropped. Attached unit closings climbed from 9.5% of all closings in May 2015 to 12.0% of closings in May 2016. At the same time, the share belonging to single-family homes slid to 88.0% of closings from 90.5% of closings.
For all new homes sold, the average unit size rose 4.8% year-over-year to 2,000 square feet in May 2016. The average size of newly sold homes moved from 1,886 square feet in April 2015 to 2,013 square feet in April 2016. An increase was also seen in April 2016 when the average size of new homes sold gained 6.7% to 2,013 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in May, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 15.3% of existing home closings, below 20.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 5.7% in May from 15.4% a year earlier while REO closings as a percentage of existing home closings rose to 9.6% from 5.1%.