Closings of new homes declined year-over-year in November in the Burlington, NC market, and the decline was by a larger percentage than the October 2015. New home closings moved from 26 a year earlier to 4 after the figure moved from 22 in October 2014 to 20 in October 2015.
A total of 354 new homes were sold during the 12 months that ended in November, down from 376 for the year that ended in October.
New home closings were 15.3% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 4 of the 38 total closings. Closings of new and existing homes dropped year-over-year in November after also falling in October year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in November 2015 was $194,000, down from last year's $209,981. This was on the heels of a move from $208,977 per unit in October 2014 to $207,755 in October 2015.
There was a decline in average mortgage size on new homes, going from $181,612 last year to $164,011 in November 2015. Average mortgage size went from $192,631 in October 2014 to $190,848 in October 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in November, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 11.8% of existing home closings, down from 29.2% a year earlier. The percentage of existing home closings involving foreclosures fell to no part in November from 10.4% a year earlier while REO closings as a percentage of existing home closings declined to 11.8% from 18.8% a year earlier.