In the Asheville, NC market, closings of new homes dropped year-over-year in October, swinging downward off a year-over-year boost in September 2015. New home closings saw a decline of 42.9% from the year earlier to 16. This was after the housing market saw a 25.0% hike year-over-year in September.
A total of 212 new homes were sold during the 12 months that ended in October, down from 224 for the year that ended in September.
As a percentage of overall housing closings, new home closings represented 2.3%. This is down from the 4.2% of closings a year earlier. For new and existing homes, closings grew year-over-year in October after also increasing in September year-over-year.
Pricing and Mortgage Trends
The average price of new homes increased year-over-year 1.8% in October to $307,781 per unit. This surge compares to a 4.1% decline in September from a year earlier.
The average mortgage size on newly sold homes grew year-over-year along with the average price of new homes. It climbed 6.8% in October from a year earlier to $240,007. In September 2015, average mortgage size on newly sold homes saw a 15.5% fall from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have grown from last year while closings of single-family homes have fallen. Attached unit closings increased from 3.6% of all closings in October 2014 to 18.8% of closings in October 2015. Meanwhile, single-family home closings as a percentage of all new home closings dropped to 81.2% of closings from 96.4% of closings.
For all new homes sold, the average unit size gained 5.1% year-over-year to 1,927 square feet in October 2015. In September, the average size of new homes sold went from 2,098 square feet a year earlier to 2,239 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in October, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 8.7% of existing home closings, below 15.3% a year earlier. The percentage of existing home closings involving foreclosures slid to 3.9% in October from 8.3% a year earlier while REO closings as a percentage of existing home closings sank to 4.8% from 7.0% a year earlier.