The Wilmington, NC market saw a drop in new home closings year-over-year in September, and the decline was by a larger percentage than the August 2015. New home closings moved from 81 a year earlier to 13 after the figure moved from 87 in August 2014 to 39 in August 2015.
A total of 673 new homes were sold during the 12 months that ended in September, down from 741 for the year that ended in August.
13 of the 132 total closings were new home closings, a shift on a percentage basis from 81 out of 753 a year earlier. Closings of new and existing homes fell year-over-year in September after also falling in August year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $239,154, compared with $267,940 last year. This followed a 12.4% bump in August year-over-year.
Average mortgage size on new homes rose from $201,068 to $230,869. In August 2015, average mortgage size on newly sold homes saw a 7.1% boost year-over-year from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes fell from 2,071 square feet a year earlier to 1,487 square feet.
Combined, foreclosures plus REO closings represented 20.2% of existing home closings. They represented 20.2% in September 2014. The percentage of existing home closings involving foreclosures slid to 7.6% in September from 11.8% a year earlier while REO closings as a percentage of existing home closings rose to 12.6% from 8.5%.