In April, the Asheville, NC market saw a decline year-over-year in new home closings, and the decline was by a larger percentage than the March 2016. New home closings moved from 21 a year earlier to 5 after the figure moved from 18 in March 2015 to 6 in March 2016.
A total of 156 new homes were sold during the 12 months that ended in April, down from 172 for the year that ended in March.
New home closings were 5 out of the 537 total closings, down on a percentage basis from 21 of 610 a year earlier. After remaining steady in March from a year earlier, closings of new and existing homes dropped year-over-year in April.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $290,120, down from last year's $356,957. This was on the heels of a 26.0% drop in March from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $292,608 to $127,010. Average mortgage size on new homes went from $263,186 in March 2015 to $136,043 in March 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 1,964 square feet a year earlier to 1,916 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 8.5% of closings, below 16.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 3.2% in April from 7.0% a year earlier while REO closings as a percentage of existing home closings dropped to 5.3% from 9.3% a year earlier.