In the Greenville, NC market in November, closings of new homes fell year-over-year, and the decline was by a larger percentage than the October 2015. New home closings moved from 22 a year earlier to 10 after the figure moved from 23 in October 2014 to 15 in October 2015.
A total of 238 new homes were sold during the 12 months that ended in November, down from 250 for the year that ended in October.
New home closings were 14.0% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 10 of the 176 total closings. Closings of new and existing homes increased year-over-year in November following a drop in October year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $272,700, an increase from $210,482 a year earlier. This was on the heels of a 13.9% boost in October year-over-year.
The average mortgage size on new homes was $262,683, up from $193,025. In October 2015, average mortgage size on newly sold homes saw a 9.1% gain year-over-year from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2015.
The average unit size of newly sold homes fell from 2,180 square feet a year earlier to 1,503 square feet.
Foreclosures and real estate owned (REO) closings declined in November from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, accounted for 27.1% of existing closings, lower than 27.4% a year earlier. The percentage of existing home closings involving foreclosures slid to 13.3% in November from 14.8% a year earlier while REO closings as a percentage of existing home closings grew to 13.9% from 12.6%.