Closings of new homes rose year-over-year in November in the Hickory, NC market,. Closings stood at 4 in November after being 3 a year earlier and remaining unchanged at 4 in October from a year earlier.
A total of 49 new homes were sold during the 12 months that ended in November, up from 48 for the year that ended in October.
4 of the 295 total closings were new home closings, a shift on a percentage basis from 3 out of 294 a year earlier. After being steady in October from a year earlier, closings of new and existing homes remained level in November.
Pricing and Mortgage Trends
The average value of newly sold homes in November 2015 was $187,125, down from last year's $294,700. This was on the heels of a 20.6% fall in October from a year earlier.
Average mortgage size on new homes moved from $188,500 to $190,141. Average mortgage size on new homes went from $372,000 in October 2014 to $262,837 in October 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes fell from 2,293 square feet a year earlier to 1,391 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in November, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 21.0% of existing home closings, down from 29.9% a year earlier. The percentage of existing home closings involving foreclosures fell to 11.7% in November from 14.8% a year earlier while REO closings as a percentage of existing home closings dropped to 9.3% from 15.1% a year earlier.