The Hickory, NC market saw a rise in new home closings in May year-over-year,. Closings stood at 9 in May after being 4 a year earlier and remaining unchanged at 6 in April from a year earlier.

A total of 50 new homes were sold during the 12 months that ended in May, up from 45 for the year that ended in April.

New home closings were 9 of the 439 total closings, up on a percentage basis from 4 of 409 a year earlier. Closings of new and existing homes grew year-over-year in May after also rising in April year-over-year.

Pricing and Mortgage Trends

The average price for newly sold homes moved north to $252,956 from $200,625 a year ago. This was on the heels of a 91.2% boost in April year-over-year.

From the year-ago figure of $155,468, the average mortgage size on new homes moved up to $184,172. Average mortgage size on new homes went from $161,877 in April 2015 to $232,475 in April 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.

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 19.1% of existing home closings, down from 27.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 8.4% in May from 12.8% a year earlier while REO closings as a percentage of existing home closings fell to 10.7% from 14.6% a year earlier.

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