In April, the Jacksonville, NC market saw a fall year-over-year in new home closings, and the decline was by a larger percentage than the March 2016. New home closings moved from 57 a year earlier to 4 after the figure moved from 57 in March 2015 to 11 in March 2016.
A total of 292 new homes were sold during the 12 months that ended in April, down from 345 for the year that ended in March.
Last year, 57 of 387 total closings were new homes, and this percentage saw a decline as new home closings this year made up 4 of the 326 total closings. Closings of new and existing homes slid year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $208,375, an increase from $192,309 a year earlier. This came after a 4.0% surge in March year-over-year.
Average mortgage size on new homes went from $190,973 a year earlier to $213,415. Average mortgage size on new homes went from $187,536 in March 2015 to $198,349 in March 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
The average unit size of newly sold homes rose from 1,885 square feet a year earlier to 2,427 square feet.
Foreclosures and real estate owned (REO) closings declined in April from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings represented 48.8% of existing home closings, down from 54.2% a year earlier. The percentage of existing home closings involving foreclosures dropped to 22.4% in April from 29.4% a year earlier while REO closings as a percentage of existing home closings rose to 26.4% from 24.8%.