New home closings in the Salisbury, MD market fell year-over-year in June, falling after a rise in May 2016. New home closings moved from 8 a year earlier to 2 after the figure moved from 4 in May 2015 to 6 in May 2016.
A total of 36 new homes were sold during the 12 months that ended in June, down from 42 for the year that ended in May.
Last year, 8 of 206 total closings were new homes, and this percentage saw a decline as new home closings this year made up 2 of the 160 total closings. Closings of new and existing homes fell year-over-year in June after also falling in May year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in June 2016 was $111,388, down from last year's $240,870. This followed a 22.7% decline in May from a year earlier.
The average mortgage size moved to $111,990, down from last year's $217,673. Average mortgage size on new homes went from $181,396 in May 2015 to $144,222 in May 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.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 19.0% of existing home closings, down from 41.9% a year earlier. The percentage of existing home closings involving foreclosures dropped to 5.1% in June from 17.7% a year earlier while REO closings as a percentage of existing home closings sank to 13.9% from 24.2% a year earlier.