There was a rise in closings of new homes in the Asheville, NC market in July year-over-year, but with a rise less sharp than June 2015, there were suggestions the market may be leveling out. New home closings saw a boost of 11.1% from the year earlier to 20. This came after a 31.2% boost year-over-year in June.
A total of 224 new homes were sold during the 12 months that ended in July, up from 222 for the year that ended in June.
Of the total number of closings, new home closings made up 2.4%. As a part of the whole, new home closings were 2.6% a year earlier. Closings of new and existing homes gained in July after staying steady in June from a year earlier.
Pricing and Mortgage Trends
Average price of newly sold homes had a 1.1% decline year-over-year to $258,705 per unit in July. This drop compares to a 10.0% rise in June year-over-year.
The average mortgage size on newly sold homes saw a fall year-over-year in contrast to new home prices. Average mortgage size declined 12.3% to $199,040 in July from a year earlier. In June 2015, average mortgage size on newly sold homes saw a 18.7% bump 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 jumped from 88.9% of new closings in July 2014 to 90.0% of closings in July 2015. Meanwhile, attached units as a percentage of all new home closings sank to 10.0% of closings from 11.1% of closings.
There was a move in the average unit size of newly sold homes from 1,846 square feet in July 2014 to 1,838 square feet in July 2015. In June 2015, the average size of newly sold homes gained 5.0% from the year earlier. In June, the average size of new homes sold went from 2,009 square feet a year earlier to 2,109 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 8.7% of closings, below 14.7% a year earlier. The percentage of existing home closings involving foreclosures sank to 4.2% in July from 7.1% a year earlier while REO closings as a percentage of existing home closings declined to 4.5% from 7.6% a year earlier.