In November, there was a fall year-over-year in new home closings in the Baltimore, MD market, and the percentage fall was more severe than October 2015, indicating the market may be worsening. New home closings saw a decline of 9.3% from the year earlier to 291. This was after the housing market saw a 8.3% drop year-over-year in October.
A total of 3,576 new homes were sold during the 12 months that ended in November, down from 3,606 for the year that ended in October.
Out of all housing closings, new home closings represented 9.3%. As a part of the whole, new home closings were 9.1% a year earlier. Following a year-over-year decline in October, closings of new and existing homes also declined year-over-year in November.
Pricing and Mortgage Trends
The average price of newly sold homes sank 1.5% year-over-year in November to $464,826 per unit. This decline follows a move from $471,207 per unit to $469,510 from October 2014 to October 2015.
Average mortgage size on new homes saw a fall year-over-year in contrast to prices of new homes. It declined to $393,836 in November, a 1.4% decline. In October 2015, average mortgage size rose 1.7% from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have grown from last year while single-family home closings have dropped. Attached unit closings climbed from 55.1% of all closings in November 2014 to 64.6% of closings in November 2015. Meanwhile, single-family home closings as a percentage of all new home closings sank to 35.4% of closings from 44.9% of closings.
There was a 15.0% rise year-over-year in the average unit size of newly sold homes to 3,603 square feet in November 2015. The average size of newly sold homes moved from 3,029 square feet in October 2014 to 2,573 square feet in October 2015.
Foreclosures and real estate owned (REO) closings declined in November from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings represented 27.4% of existing home closings, below 40.1% a year earlier. The percentage of existing home closings involving foreclosures sank to 6.8% in November from 23.1% a year earlier while REO closings as a percentage of existing home closings increased to 20.6% from 17.0%.