In the Salisbury, MD market, new home closings climbed year-over-year in May,. Closings stood at 6 in May after being 4 a year earlier and remaining unchanged at 1 in April from a year earlier.
A total of 42 new homes were sold during the 12 months that ended in May, up from 40 for the year that ended in April.
New home closings were 6 of the 143 total closings, up on a percentage basis from 4 of 168 a year earlier. For new and existing homes, closings slid in May after also declining in April year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in May 2016 was $153,492, down from last year's $198,550. This came after a 38.3% drop in April from a year earlier.
The average mortgage size moved to $144,222, down from last year's $181,396. Average mortgage size on new homes went from $210,000 in April 2015 to $168,042 in April 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.
The average unit size of newly sold homes went from 1,661 square feet in May 2015 to 1,651 square feet in May 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 24.1% of existing closings, lower than 45.1% a year earlier. The percentage of existing home closings involving foreclosures fell to 2.9% in May from 17.7% a year earlier while REO closings as a percentage of existing home closings sank to 21.2% from 27.4% a year earlier.