Closings of new homes in the Lincoln, NE market fell year-over-year in March, a downhill move after a hike in February 2016. New home closings saw a decline of 9.5% from the year earlier to 38. This was after the housing market saw a 7.7% boost year-over-year in February.
A total of 628 new homes were sold during the 12 months that ended in March, down from 632 for the year that ended in February.
New home closings accounted for 9.9% of overall housing closings. This marks a rise from 7.9% of total closings a year earlier. Following a year-over-year rise in February, closings of new and existing homes fell year-over-year in March.
Pricing and Mortgage Trends
The average value for new homes sold in March 2016 was $265,611, a move from $266,883 a year earlier. This followed a 1.5% drop in February from a year earlier.
In contrast to new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. The average mortgage size saw a 8.4% gain year-over-year to $214,600 in March. In February 2016, average mortgage size on newly sold homes saw a 3.5% lift year-over-year from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. Single-family home closings jumped from 76.2% of new closings in March 2015 to 81.6% of closings in March 2016. At the same time, the share of new home closings belonging to attached units declined to 18.4% of closings from 23.8% of closings.
The average unit size of newly sold homes increased 6.5% year-over-year to 1,759 square feet in March 2016. The average size of newly sold homes moved from 1,597 square feet in February 2015 to 1,404 square feet in February 2016.
Foreclosures and real estate owned (REO) closings rose in March from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 13.0% of existing home closings, up from 11.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 7.2% in March from 6.1% a year earlier and REO closings moved from 5.3% of existing home closings in March 2015 to 5.8% in March 2016.