In the Salisbury, MD market in March, closings of new homes sank year-over-year, dropping after a year-over-year increase in February 2016. New home closings moved from 9 a year earlier to 2 after the figure moved from 2 in February 2015 to 3 in February 2016.
A total of 40 new homes were sold during the 12 months that ended in March, down from 47 for the year that ended in February.
On a percentage basis, new home closings as a part of total closings decreased to 1.4% from 5.5% a year earlier. After rising year-over-year in February, closings of new and existing homes slid year-over-year in March.
Pricing and Mortgage Trends
The average per-unit price of new homes was $178,550, compared with $195,361 last year. This followed a 33.4% decline in February from a year earlier.
There was a decline in average mortgage size on new homes, going from $191,484 last year to $151,156 in March 2016. Average mortgage size on new homes went from $253,325 in February 2015 to $185,232 in February 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
There was a move in the average unit size of newly sold homes from 1,745 square feet in March 2015 to 1,728 square feet in March 2016.
Foreclosures and real estate owned (REO) closings declined in March from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings represented 41.6% of existing home closings, below half a year earlier. The percentage of existing home closings involving foreclosures declined to 13.9% in March from 23.4% a year earlier while REO closings as a percentage of existing home closings gained to 27.7% from 26.6%.