The Jacksonville, NC market saw a drop in new home closings year-over-year in August, but the drop in percentage terms was an improvement from July 2015, suggesting that the market may be evening out. Closings sank 38.5% from a year earlier to 32. This came after a 50.0% decline year-over-year in July.
A total of 701 new homes were sold during the 12 months that ended in August, down from 721 for the year that ended in July.
Out of all housing closings, new home closings represented 9.9%. This is down from the a year earlier when new home closings made up 15.4% of total closings. Following a year-over-year increase in July, closings of new and existing homes declined year-over-year in August.
Pricing and Mortgage Trends
The average price of new homes gained year-over-year in August to $202,850 per unit, a rise of 5.7%. This bump is smaller than the 13.6% gain in July year-over-year.
For newly sold homes, the average mortgage size jumped year-over-year along with new home prices. In August 2015, the average mortgage size was $198,888, up 4.2% from a year earlier. In July 2015, average mortgage size on newly sold homes saw a 12.9% 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 August 2015. Single-family home closings have accounted for all of new home closings while attached unit closings have represented no part of closings.
The average unit size of newly sold homes went from 1,903 square feet in August 2014 to 1,922 square feet in August 2015. The average size of newly sold homes moved from 1,967 square feet in July 2014 to 2,274 square feet in July 2015. In July 2015, the average size of newly sold homes climbed 15.6% from the year earlier.
Foreclosures and real estate owned (REO) closings decreased in August from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, represented 48.3% of existing closings, lower than 56.8% a year earlier. The percentage of existing home closings involving foreclosures dropped to 21.4% in August from 24.9% a year earlier while REO closings as a percentage of existing home closings slid to 26.9% from 31.9% a year earlier.