The Asheville, NC market saw a drop in new home closings year-over-year in June, and the decline was by a larger percentage than the May 2016. New home closings moved from 21 a year earlier to 4 after the figure moved from 13 in May 2015 to 8 in May 2016.
A total of 135 new homes were sold during the 12 months that ended in June, down from 152 for the year that ended in May.
New home closings were 4 out of the 696 total closings, down on a percentage basis from 21 of 799 a year earlier. Following a year-over-year rise in May, closings of new and existing homes declined year-over-year in June.
Pricing and Mortgage Trends
The average per-unit price of new homes was $222,500, compared with $276,600 last year. This was on the heels of a 42.0% fall in May from a year earlier.
The average mortgage size moved to $175,240, down from last year's $234,062. Average mortgage size on new homes went from $227,297 in May 2015 to $126,296 in May 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 2,109 square feet a year earlier to 1,140 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 6.8% of existing home closings, down from 11.8% a year earlier. The percentage of existing home closings involving foreclosures sank to 2.6% in June from 5.8% a year earlier while REO closings as a percentage of existing home closings fell to 4.2% from 6.0% a year earlier.