Closings of new homes grew year-over-year in April in the Greenville, NC market, shifting up after a drop in March 2016. There was a 3.8% rise in new home closings from a year earlier. This came on the heels of a 3.3% decline year-over-year in March.
A total of 283 new homes were sold during the 12 months that ended in April, up from 282 for the year that ended in March.
As a percentage of overall housing closings, new home closings accounted for 11.1% of closings, relatively stable from a year earlier. Closings of new and existing homes grew year-over-year in April after also rising in March year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price rose 8.1% year-over-year in April to $200,393 per unit. This lift is smaller than the 9.9% boost in March year-over-year.
The average mortgage size on newly sold homes increased year-over-year along with the average price of new homes. In April 2016, the average mortgage size was $196,259, a 6.9% surge from a year earlier. In March 2016, average mortgage size on newly sold homes saw a 4.9% decline from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. Single-family home closings rose from 96.2% of new closings in April 2015 to all of closings in April 2016. Meanwhile, attached units as a percentage of all new home closings dropped to no part of closings from 3.8% of closings.
For all new homes sold, the average unit size increased 6.7% year-over-year to 2,013 square feet in April 2016. The average size of newly sold homes moved from 2,076 square feet in March 2015 to 2,514 square feet in March 2016. An increase in both the average size and price of newly sold homes was also seen in March 2016 when the average size grew 21.1% to 2,514 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 15.7% of existing home closings, below 23.4% a year earlier. The percentage of existing home closings involving foreclosures sank to 5.6% in April from 12.0% a year earlier while REO closings as a percentage of existing home closings fell to 10.2% from 11.5% a year earlier.