In the Wilmington, NC market, closings of new homes sank year-over-year in November, and there were suggestions of weakening market conditions with a percentage fall steeper than that of October 2015. New home closings saw a drop of 75.3% from the year earlier to 22. This came after a 75.2% drop year-over-year in October.
A total of 940 new homes were sold during the 12 months that ended in November, down from 1,007 for the year that ended in October.
Out of all housing closings, new home closings accounted for 4.2%. This is down from the a year earlier when new home closings represented 13.2% of total closings. Closings of new and existing homes sank year-over-year in November after also falling in October year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes slid 6.4% year-over-year in November to $239,443 per unit. This fall compares to a 2.1% hike in October year-over-year.
Average mortgage size on new homes went from $220,274 in November 2014 to $218,329 in November 2015. In October 2015, average mortgage size on newly sold homes saw a 8.4% surge year-over-year 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 climbed from 88.8% of new closings in November 2014 to 95.5% of closings in November 2015. At the same time, the share of new home closings belonging to attached units fell to 4.5% of closings from 11.2% of closings.
The average unit size of newly sold homes declined 2.7% year-over-year to 2,072 square feet in November 2015. In October, the average size of new homes sold went from 2,112 square feet a year earlier to 2,298 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in November, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 15.9% of existing closings, lower than 26.2% a year earlier. The percentage of existing home closings involving foreclosures sank to 8.1% in November from 12.5% a year earlier while REO closings as a percentage of existing home closings dropped to 7.7% from 13.7% a year earlier.