New home closings in the Greensboro, NC market slid year-over-year in December, but the percentage fall narrowed from that of November 2015, suggesting that the market may be evening out. New home closings saw a decline of 3.8% from the year earlier to 77. This came after a 6.9% decline year-over-year in November.
A total of 1,002 new homes were sold during the 12 months that ended in December, down from 1,005 for the year that ended in November.
Out of all housing closings, new home closings represented 9.2%. A year ago, 8.9% of total closings were new home closings. Following a year-over-year increase in November, closings of new and existing homes declined year-over-year in December.
Pricing and Mortgage Trends
For newly sold homes, the average price increased 14.6% year-over-year in December to $255,319 per unit. This boost is an improvement over the 6.6% rise in November year-over-year.
For newly sold homes, the average mortgage size saw a bump year-over-year along with new home prices. In December 2015, the average mortgage size was $233,604, a 29.6% rise from a year earlier. In November 2015, average mortgage size on newly sold homes saw a 5.3% bump year-over-year from a year earlier.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home closings have moved from 85.0% of new home closings to 85.7% of closings while attached units have gone from 15.0% of closings to 14.3% of closings.
For all new homes sold, the average unit size increased 8.4% year-over-year to 2,594 square feet in December 2015. An increase in both the average size and price of newly sold homes was also seen in November 2015 when the average size gained 12.7% to 2,639 square feet. In November, the average size of new homes sold went from 2,341 square feet a year earlier to 2,639 square feet.
Foreclosures and real estate owned (REO) closings fell in December from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, made up 28.2% of existing closings, lower than 35.5% a year earlier. The percentage of existing home closings involving foreclosures sank to 15.9% in December from 17.1% a year earlier while REO closings as a percentage of existing home closings declined to 12.3% from 18.4% a year earlier.