Closings of new homes in the Greenville, NC market slid year-over-year in July, shifting downward off a boost in June 2015. New home closings saw a drop of 7.4% from the year earlier to 25. This came after a 3.8% boost year-over-year in June.
A total of 245 new homes were sold during the 12 months that ended in July, down from 247 for the year that ended in June.
As a percentage of overall housing closings, new home closings made up 9.0% of overall housing closings. New home closings were 9.6% of overall closings last year. After rising year-over-year in June, closings of new and existing homes declined year-over-year in July.
Pricing and Mortgage Trends
In July, the average price of newly sold homes increased 2.9% year-over-year to $202,664 per unit. This hike is smaller than the 5.4% gain in June year-over-year.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. It slid to $184,729 in July, a 4.5% drop. In June 2015, average mortgage size on newly sold homes saw a 3.6% boost year-over-year from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. The share of new home closings belonging to single-family homes jumped from 92.6% in July 2014 to all of closings in July 2015. Meanwhile, attached units as a percentage of all new home closings sank to no part of closings from 7.4% of closings.
There was a 21.7% fall year-over-year in the average unit size of newly sold homes to 1,629 square feet in July 2015. For newly sold homes, an average size drop contrasting with an average price hike was also seen in June 2015 when the average size of newly sold homes slid 16.6% to 1,692 square feet. In June, the average size of new homes sold went from 2,028 square feet a year earlier to 1,692 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 16.5% of existing closings, lower than 27.1% a year earlier. The percentage of existing home closings involving foreclosures dropped to 9.8% in July from 13.7% a year earlier while REO closings as a percentage of existing home closings declined to 6.7% from 13.3% a year earlier.