The Greenville, NC market saw a drop in new home closings year-over-year in June, a move downward following a surge in May 2016. New home closings saw a decline of 48.3% from the year earlier to 15. This was after the housing market saw a 19.0% rise year-over-year in May.
A total of 274 new homes were sold during the 12 months that ended in June, down from 288 for the year that ended in May.
Out of all housing closings, new home closings represented 5.1%. This is down from the 9.4% of closings a year earlier. Closings of new and existing homes saw a drop year-over-year in June after remaining steady in May year-over-year.
Pricing and Mortgage Trends
In June, the average price for new home closings was $207,767, a 5.8% fall from last year. This drop compares to a 8.5% hike in May year-over-year.
The average mortgage size on newly sold homes slid year-over-year in contrast to the average price of new homes. Average mortgage size sank by 12.4% from a year earlier, settling at $175,083 in June. Average mortgage size jumped 6.6% in May 2016 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. Attached unit closings climbed from no part of all closings in June 2015 to 33.3% of closings in June 2016. Meanwhile, single-family home closings as a percentage of all new home closings declined to 66.7% of closings from all of closings.
There was a 10.6% decline year-over-year in the average unit size of newly sold homes to 2,003 square feet in June 2016. In May, the average size of new homes sold went from 1,909 square feet a year earlier to 2,000 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 15.1% of existing home closings, down from 18.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 7.6% in June from 10.0% a year earlier and REO closings moved from 8.2% of existing home closings in June 2015 to 7.6% in June 2016.