In December, there was a decline year-over-year in new home closings in the Fayetteville, NC market, and the decline was by a larger percentage than the November 2015. New home closings moved from 60 a year earlier to 10 after the figure moved from 56 in November 2014 to 20 in November 2015.
A total of 526 new homes were sold during the 12 months that ended in December, down from 576 for the year that ended in November.
New home closings were 10 out of the 473 total closings, down on a percentage basis from 60 of 434 a year earlier. After staying stable in November from a year earlier, closings of new and existing homes increased in December.
Pricing and Mortgage Trends
The average per-unit price of new homes was $205,850, compared with $235,717 last year. This came after a 18.1% decline in November from a year earlier.
The average mortgage size went down to $202,998 from $226,505 a year earlier. In November 2015, average mortgage size dropped 13.4% from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
There was a move in the average unit size of newly sold homes from 2,559 square feet in December 2014 to 2,550 square feet in December 2015.
Foreclosures and real estate owned (REO) closings fell in December from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 47.5% of closings, below 51.9% a year earlier. The percentage of existing home closings involving foreclosures went from 21.4% in December 2014 to 22.2% in December 2015 and REO closings as a percentage of existing home closings dropped to 25.3% from 30.5% a year earlier.