Closings of new homes jumped year-over-year in August in the Greensboro, NC market, but the percentage edged up less than July 2015, suggesting the market may be leveling out. New home closings saw a 5.3% climb from a year earlier to 80. In comparison, new home closings in the same month last year saw a 45.7% rise year-over-year in July.
A total of 977 new homes were sold during the 12 months that ended in August, up from 973 for the year that ended in July.
As a percentage of overall housing closings, new home closings made up 7.6% of overall housing closings. A year earlier, new home closings made up 8.2% of total closings. Closings of new and existing homes jumped year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price climbed 3.3% year-over-year in August to $245,585 per unit. This bump follows a move from $221,378 per unit in July 2014 to $222,408 in July 2015.
For newly sold homes, the average mortgage size increased year-over-year along with new home prices. It climbed to $211,478 in August, a 4.1% surge. It went from $204,220 to $202,941 from July 2014 to July 2015.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. The share of new home closings belonging to single-family homes rose from 73.7% in August 2014 to 77.5% of closings in August 2015. Conversely, the share of new home closings belonging to attached units sank to 22.5% of closings from 26.3% of closings.
For all new homes sold, the average unit size dropped 11.1% year-over-year to 2,425 square feet in August 2015. In July, the average size of new homes sold went from 2,616 square feet a year earlier to 2,013 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 24.7% of existing closings, lower than 29.0% a year earlier. The percentage of existing home closings involving foreclosures sank to 11.2% in August from 13.7% a year earlier while REO closings as a percentage of existing home closings fell to 13.5% from 15.3% a year earlier.