New home closings declined year-over-year in April in the Wilmington, NC market, but the percentage fall was an improvement from March 2016, suggesting the market may be evening out. New home closings saw a 70.6% fall from a year earlier to 32. This came after a 73.1% fall year-over-year in March.
A total of 644 new homes were sold during the 12 months that ended in April, down from 721 for the year that ended in March.
Out of all housing closings, new home closings represented 4.5%. This is a decline 12.5% of closings a year earlier. Closings of new and existing homes sank year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
In April, there was a 11.4% rise year-over-year in the average price of newly sold homes, reaching $297,453 per unit. This gain is smaller than the 18.6% bump in March year-over-year.
For newly sold homes, the average mortgage size grew year-over-year along with new home prices. In April 2016, there was a 17.2% surge in the average mortgage size, reaching $266,159. In March 2016, average mortgage size grew 19.1% from a year earlier.
Other Market Trends
There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home closings have moved from 97.2% of new home closings to 96.9% of closings while attached units have gone from 2.8% of closings to 3.1% of closings.
For all new homes sold, the average unit size dropped 13.7% year-over-year to 2,003 square feet in April 2016. The average size of newly sold homes moved from 2,234 square feet in March 2015 to 2,998 square feet in March 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 12.8% of existing closings, lower than 16.8% a year earlier. The percentage of existing home closings involving foreclosures fell to 5.2% in April from 8.2% a year earlier and REO closings moved from 8.5% of existing home closings in April 2015 to 7.6% in April 2016.