New home closings in the Hickory, NC market remained steady year-over-year in January, staying flat after dropping year-over-year in December from the year earlier. Closings remained level at 2 from a year earlier after the figure moved from 5 in December 2014 to 3 in December 2015.
A total of 47 new homes were sold during the 12 months that ended in January, equal to the number of new homes sold for the year that ended in December.
2 of the 235 total closings were new home closings, consistent with the year-earlier figures in terms of percentage. After rising year-over-year in December, closings of new and existing homes slid year-over-year in January.
Pricing and Mortgage Trends
The average new home price was $192,500, up from $91,500 a year earlier. This was on the heels of a 25.2% fall in December from a year earlier.
Average mortgage size on new homes rose from $89,305 to $256,500. Average mortgage size on new homes went from $258,755 in December 2014 to $218,415 in December 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in January 2016.
Foreclosures and real estate owned (REO) closings decreased in January from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, made up 25.3% of existing closings, lower than 32.8% a year earlier. The percentage of existing home closings involving foreclosures went from 12.2% in January 2015 to 12.0% in January 2016 and REO closings as a percentage of existing home closings fell to 13.3% from 20.6% a year earlier.