In the Hickory, NC market, new home closings dropped year-over-year in September, dropping after a year-over-year increase in August 2015. New home closings moved from 4 a year earlier to 2 after the figure moved from none in August 2014 to 3 in August 2015.
A total of 42 new homes were sold during the 12 months that ended in September, down from 44 for the year that ended in August.
2 of the 357 total closings were new home closings, a shift on a percentage basis from 4 out of 371 a year earlier. After rising year-over-year in August, closings of new and existing homes sank year-over-year in September.
Pricing and Mortgage Trends
The average new home price was $105,750, down from $113,500 a year earlier. This followed a shift from no closings in August 2014 to an average price of $303,667 in August 2015.
From the year-ago figure of $104,411, the average mortgage size on new homes moved up to $105,924.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 23.4% of existing home closings, down from 36.5% a year earlier. The percentage of existing home closings involving foreclosures dropped to 9.0% in September from 16.6% a year earlier while REO closings as a percentage of existing home closings slid to 14.4% from 19.9% a year earlier.