In April, there was a decline year-over-year in new home closings in the Greensboro, NC market, but the fall in percentage terms was an improvement from March 2016, suggesting that the market may be evening out. Closings dropped 9.6% from a year earlier to 85. This came after a 11.2% fall year-over-year in March.
A total of 997 new homes were sold during the 12 months that ended in April, down from 1,006 for the year that ended in March.
Out of all housing closings, new home closings made up 7.9%. This is down from the 9.5% of closings a year earlier. Closings of new and existing homes jumped year-over-year in April after also rising in March year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes climbed year-over-year 16.4% in April to $264,664 per unit. This surge compares to a 6.3% fall in March from a year earlier.
The average mortgage size on newly sold homes saw a bump year-over-year along with new home prices. In April 2016, there was a 10.9% boost in the average mortgage size, reaching $220,774. Average mortgage size declined 3.0% in March 2016 from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. Single-family home closings climbed from 80.9% of new closings in April 2015 to 82.4% of closings in April 2016. At the same time, the share of new home closings belonging to attached units declined to 17.6% of closings from 19.1% of closings.
There was a 26.6% boost year-over-year in the average unit size of newly sold homes to 2,991 square feet in April 2016. The bump was sharper than the gain in average price of newly sold homes, making the movement simliar to March 2016 when the average size rose 15.1% to 2,067 square feet from a year earlier. The average size of newly sold homes moved from 2,434 square feet in March 2015 to 2,067 square feet in March 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 22.5% of existing closings, lower than 32.9% a year earlier. The percentage of existing home closings involving foreclosures sank to 10.5% in April from 18.0% a year earlier while REO closings as a percentage of existing home closings fell to 12.0% from 15.0% a year earlier.