In January, the Greenville, NC market saw a fall year-over-year in new home closings, and the decline was by a larger percentage than the December 2015. New home closings moved from 21 a year earlier to 13 after the figure moved from 23 in December 2014 to 20 in December 2015.
A total of 269 new homes were sold during the 12 months that ended in January, down from 277 for the year that ended in December.
New home closings represented 13 out of the 139 total closings, which is a smaller percentage than the 21 of 157 total closings a year earlier. Following a year-over-year decline in December, closings of new and existing homes also declined year-over-year in January.
Pricing and Mortgage Trends
The average value of newly sold homes in January 2016 was $173,577, down from last year's $198,905. This came after a 7.9% fall in December from a year earlier.
Average mortgage size on new homes moved from $166,795 to $165,376. In December 2015, average mortgage size on newly sold homes saw a 12.4% decline from a year earlier.
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.
The average unit size of newly sold homes rose from 2,024 square feet a year earlier to 2,266 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in January, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 23.8% of closings, below 30.1% a year earlier. The percentage of existing home closings involving foreclosures went from 12.5% in January 2015 to 13.5% in January 2016 and REO closings as a percentage of existing home closings sank to 10.3% from 17.6% a year earlier.