In the Asheville, NC market in May, closings of new homes slid year-over-year, but the decline was less than the year-over-year decline in April. New home closings moved from 13 a year earlier to 8 after the figure moved from 21 in April 2015 to 5 in April 2016.
A total of 152 new homes were sold during the 12 months that ended in May, down from 157 for the year that ended in April.
8 of the 683 total closings were new home closings, a shift on a percentage basis from 13 out of 685 a year earlier. Closings of new and existing homes stayed level after declining in April year-over-year.
Pricing and Mortgage Trends
The average new home price was $216,750, down from $373,731 a year earlier. This came after a 18.7% decline in April from a year earlier.
Average mortgage size on new homes fell from $227,297 to $126,296. Average mortgage size on new homes went from $292,608 in April 2015 to $182,810 in April 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 1,867 square feet a year earlier to 1,275 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in May, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 7.7% of existing home closings, below 11.5% a year earlier. The percentage of existing home closings involving foreclosures dropped to 2.2% in May from 4.3% a year earlier while REO closings as a percentage of existing home closings fell to 5.5% from 7.1% a year earlier.