In April, the Jacksonville, NC market saw a fall year-over-year in new home closings, and the decline was by a larger percentage than the March 2016. New home closings moved from 57 a year earlier to 4 after the figure moved from 57 in March 2015 to 11 in March 2016.
A total of 292 new homes were sold during the 12 months that ended in April, down from 345 for the year that ended in March.
New home closings were 14.7% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 4 of the 326 total closings. For new and existing homes, closings declined in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $208,375 from $192,309 a year ago. This came after a 4.0% boost in March year-over-year.
Average mortgage size on new homes increased to $213,415 from $190,973 last year. Average mortgage size on new homes went from $187,536 in March 2015 to $198,349 in March 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
The average unit size of newly sold homes rose from 1,885 square feet a year earlier to 2,427 square feet.
Foreclosures and real estate owned (REO) closings decreased in April from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 48.8% of closings, below 54.2% a year earlier. The percentage of existing home closings involving foreclosures sank to 22.4% in April from 29.4% a year earlier while REO closings as a percentage of existing home closings increased to 26.4% from 24.8%.