In April, the Burlington, NC market saw a fall year-over-year in new home closings, a drop following an increase in March 2016. There was a 6.9% fall in new home closings from a year earlier. This came after a 2.5% boost year-over-year in March.
A total of 401 new homes were sold during the 12 months that ended in April, down from 403 for the year that ended in March.
As a percentage of overall housing closings, new home closings made up 14.0% of overall housing closings. As a part of the whole, new home closings were 14.1% a year earlier. Following a year-over-year decline in March, closings of new and existing homes also slid year-over-year in April.
Pricing and Mortgage Trends
For newly sold homes, the average price sank 9.8% year-over-year in April to $198,259 per unit. This fall compares to a 12.6% surge in March year-over-year.
Average mortgage size on new homes saw a drop year-over-year in contrast to prices of new homes. In April 2016, the average mortgage size on newly sold homes saw a 7.5% decline from a year earlier. Average mortgage size jumped 30.0% in March 2016 from a year earlier.
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 rose from 86.2% in April 2015 to 96.3% of closings in April 2016. Meanwhile, attached units as a percentage of all new home closings sank to 3.7% of closings from 13.8% of closings.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 15.1% of closings, below 31.2% a year earlier. The percentage of existing home closings involving foreclosures fell to 3.6% in April from 17.0% a year earlier while REO closings as a percentage of existing home closings declined to 11.4% from 14.2% a year earlier.