In November, the Salisbury, MD market saw a fall year-over-year in new home closings, falling after remaining level in October from the year earlier. Closings stood at 1 in November after being 2 a year earlier and remaining unchanged at 2 in October from a year earlier.
1 of the 103 total closings were new home closings, a shift on a percentage basis from 2 out of 136 a year earlier. Following a year-over-year rise in October, closings of new and existing homes fell year-over-year in November.
Pricing and Mortgage Trends
The average price of new homes was $293,900, an increase from $158,400 a year earlier. This was on the heels of a 29.3% hike in October year-over-year.
Average mortgage size on new homes increased to $279,200 from $158,745 last year.
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.
Foreclosures and real estate owned (REO) closings decreased in November from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings made up 39.2% of existing home closings, down from 49.3% a year earlier. The percentage of existing home closings involving foreclosures slid to 15.7% in November from 30.6% a year earlier while REO closings as a percentage of existing home closings climbed to 23.5% from 18.7%.