Closings of new homes in the Asheville, NC market dropped year-over-year in December, but the decline was less than the year-over-year decline in November. New home closings moved from 21 a year earlier to 17 after the figure moved from 19 in November 2014 to 10 in November 2015.
A total of 200 new homes were sold during the 12 months that ended in December, down from 204 for the year that ended in November.
Of the total number of closings, new home closings made up 2.8%. As a part of the whole, new home closings were 3.6% a year earlier. Following a fall in November year-over-year, closings of new and existing homes jumped year-over-year in December.
Pricing and Mortgage Trends
The average price of newly sold homes slid 29.6% year-over-year in December to $209,088 per unit. This drop compares to a 33.0% gain in November year-over-year.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. Average mortgage size dropped by 21.5% from a year earlier, settling at $194,970 in December. Average mortgage size on new homes went from $196,211 in November 2014 to $218,679 in November 2015.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have grown from last year while closings of single-family homes have slumped. The share of new home closings belonging to attached units rose from 4.8% of closings in December 2014 to 5.9% of closings in December 2015. Conversely, the share belonging to single-family homes sank to 94.1% of closings from 95.2% of closings.
For all new homes sold, the average unit size slid 20.3% year-over-year to 1,761 square feet in December 2015. The average size of newly sold homes moved from 1,773 square feet in November 2014 to 2,435 square feet in November 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in December, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 10.6% of closings, below 17.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 5.1% in December from 7.8% a year earlier while REO closings as a percentage of existing home closings sank to 5.5% from 9.9% a year earlier.