In the Greenville, NC market, new home closings dropped year-over-year in December, but the drop in percentage terms was not as steep as November 2015, signaling that the market may be stabilizing. New home closings saw a 13.0% fall from a year earlier to 20. This was after the housing market saw a 40.0% drop year-over-year in November.
A total of 277 new homes were sold during the 12 months that ended in December, down from 280 for the year that ended in November.
As a percentage of overall housing closings, new home closings made up 12.0%. This is an increase on a percentage basis, as new home closings were 10.7% of total closings a year ago. Following a year-over-year increase in November, closings of new and existing homes declined year-over-year in December.
Pricing and Mortgage Trends
In December, the average price for new home closings was $194,950, a 7.9% drop from last year. This drop compares to a 18.0% rise in November year-over-year.
The average mortgage size on newly sold homes saw a fall year-over-year in contrast to new home prices. It fell 12.4% in December from a year earlier to $169,537. Average mortgage size rose 24.3% in November 2015 from a year earlier.
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 gained from 95.7% in December 2014 to all of closings in December 2015. Meanwhile, attached units as a percentage of all new home closings slid to no part of closings from 4.3% of closings.
For all new homes sold, the average unit size increased 5.5% year-over-year to 2,234 square feet in December 2015. In November, the average size of new homes sold went from 2,006 square feet a year earlier to 2,157 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in December, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 22.4% of existing home closings, below 33.9% a year earlier. The percentage of existing home closings involving foreclosures dropped to 11.6% in December from 15.1% a year earlier while REO closings as a percentage of existing home closings slid to 10.9% from 18.8% a year earlier.