In the Winston-Salem, NC market in November, closings of new homes increased year-over-year, but the percentage bump was not as steep as October 2015, giving hints of market evening out. There was a 23.1% hike in new home closings from a year earlier. This was after the housing market saw a 36.5% boost year-over-year in October.
A total of 838 new homes were sold during the 12 months that ended in November, up from 826 for the year that ended in October.
Of the total number of closings, new home closings made up 10.5%. New home closings were 9.9% of overall closings last year. After staying stable in October from a year earlier, closings of new and existing homes grew in November.
Pricing and Mortgage Trends
The average per-unit value of new homes slid year-over-year to $193,352 in November, a drop of 9.0% from a year earlier. This decline compares to a 13.8% bump in October year-over-year.
The average mortgage size on newly sold homes increased year-over-year in contrast to the average price of new homes. In November 2015, average mortgage size climbed 1.5% from a year earlier to $193,294. In October 2015, average mortgage size grew 17.1% from a year earlier.
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 share of new home closings belonging to attached units climbed from 9.6% of closings in November 2014 to 12.5% of closings in November 2015. Meanwhile, single-family home closings as a percentage of all new home closings slid to 87.5% of closings from 90.4% of closings.
There was a 7.5% bump year-over-year in the average unit size of newly sold homes to 2,582 square feet in November 2015. In October, the average size of new homes sold went from 2,274 square feet a year earlier to 1,865 square feet.
Foreclosures and real estate owned (REO) closings declined in November from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 28.9% of closings, below 32.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 14.3% in November from 17.5% a year earlier and REO closings moved from 14.8% of existing home closings in November 2014 to 14.5% in November 2015.