New home closings in the Hickory, NC market declined year-over-year in September, dropping after a year-over-year increase in August 2015. New home closings moved from 4 a year earlier to 2 after the figure moved from none in August 2014 to 3 in August 2015.
A total of 42 new homes were sold during the 12 months that ended in September, down from 44 for the year that ended in August.
New home closings were 2 out of the 357 total closings, a move on a percentage basis from 4 of 371 a year earlier. After rising year-over-year in August, closings of new and existing homes declined year-over-year in September.
Pricing and Mortgage Trends
The average value of newly sold homes in September 2015 was $105,750, down from last year's $113,500. This was on the heels of a shift from no closings in August 2014 to an average price of $303,667 in August 2015.
Average mortgage size on new homes went from $104,411 a year earlier to $105,924.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in September, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 23.4% of existing home closings, below 36.5% a year earlier. The percentage of existing home closings involving foreclosures declined to 9.0% in September from 16.6% a year earlier while REO closings as a percentage of existing home closings sank to 14.4% from 19.9% a year earlier.