In February, the Hickory, NC market saw a decline year-over-year in new home closings, sliding after a growth in January 2016. New home closings moved from 7 a year earlier to 3 after the figure moved from 2 in January 2015 to 3 in January 2016.

A total of 45 new homes were sold during the 12 months that ended in February, down from 49 for the year that ended in January.

New home closings were 3 out of the 310 total closings, down on a percentage basis from 7 of 346 a year earlier. Following a year-over-year decline in January, closings of new and existing homes also declined year-over-year in February.

Pricing and Mortgage Trends

The average price of new homes was $395,033, an increase from $191,286 a year earlier. This came after a 92.7% rise in January year-over-year.

The average mortgage size on new homes was $271,768, up from $143,411. Average mortgage size on new homes went from $89,305 in January 2015 to $202,286 in January 2016.

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.

Foreclosures and real estate owned (REO) closings fell in February from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, made up 28.3% of existing closings, lower than 36.6% a year earlier. The percentage of existing home closings involving foreclosures fell to 10.4% in February from 19.2% a year earlier and REO closings moved from 17.4% of existing home closings in February 2015 to 17.9% in February 2016.

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