New home closings slid year-over-year in June in the Fayetteville, NC market, and the decline was by a larger percentage than the May 2016. New home closings moved from 64 a year earlier to 11 after the figure moved from 66 in May 2015 to 14 in May 2016.
A total of 235 new homes were sold during the 12 months that ended in June, down from 288 for the year that ended in May.
New home closings represented 11 out of the 486 total closings, which is a smaller percentage than the 64 of 556 total closings a year earlier. Following a year-over-year increase in May, closings of new and existing homes sank year-over-year in June.
Pricing and Mortgage Trends
The average value of newly sold homes in June 2016 was $209,455, down from last year's $229,113. This followed a 3.0% hike in May year-over-year.
The average mortgage size went down to $217,235 from $228,402 a year earlier. Average mortgage size on new homes went from $232,758 in May 2015 to $238,840 in May 2016.
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.
The average unit size of newly sold homes fell from 2,589 square feet a year earlier to 1,953 square feet.
Foreclosures and real estate owned (REO) closings declined in June from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings accounted for 36.6% of existing home closings, below 38.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 17.5% in June from 20.3% a year earlier while REO closings as a percentage of existing home closings increased to 19.2% from 17.7%.