In the Greenville, NC market in March, closings of new homes declined year-over-year, and the decline was by a larger percentage than the February 2016. New home closings moved from 30 a year earlier to 17 after the figure moved from 14 in February 2015 to 13 in February 2016.
A total of 267 new homes were sold during the 12 months that ended in March, down from 280 for the year that ended in February.
New home closings represented 6.7% of overall housing closings. This is down from the 12.3% of closings a year earlier. Closings of new and existing homes rose year-over-year in March after also rising in February year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $236,588 per unit in March, up 23.7%from a year earlier. This rise is smaller than the 43.5% boost in February year-over-year.
There was a boost year-over-year in the average mortgage size on new homes along with new home prices. Average mortgage size jumped 7.9% to $212,516 in March from a year earlier. Average mortgage size on new homes went from $175,187 in February 2015 to $237,205 in February 2016.
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 climbed from 80.0% in March 2015 to 88.2% of closings in March 2016. At the same time, the share of new home closings belonging to attached units fell to 11.8% of closings from 20.0% of closings.
The average unit size of newly sold homes grew 21.1% year-over-year to 2,514 square feet in March 2016. An increase was also seen in February 2016 when the average size of new homes sold gained 24.7% to 2,431 square feet. The average size of newly sold homes moved from 1,950 square feet in February 2015 to 2,431 square feet in February 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 18.6% of closings, below 27.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 10.5% in March from 9.3% a year earlier while REO closings as a percentage of existing home closings fell to 8.0% from 17.8% a year earlier.