In the Jacksonville, NC market in June, new home closings fell year-over-year, and the percentage drop was more severe than May 2016, indicating the market may be worsening. Closings fell 55.6% from a year earlier to 36. This was after the housing market saw a 51.7% fall year-over-year in May.
A total of 559 new homes were sold during the 12 months that ended in June, down from 604 for the year that ended in May.
Out of all housing closings, new home closings represented 8.5%. This is a fall 19.8% of closings a year earlier. After dropping in May from a year earlier, closings of new and existing homes rose year-over-year in June.
Pricing and Mortgage Trends
For newly sold homes, the average price increased 15.9% year-over-year in June to $218,794 per unit. This gain compares to a 2.0% drop in May from a year earlier.
For newly sold homes, the average mortgage size grew year-over-year along with new home prices. The average mortgage size saw a 9.2% boost year-over-year to $207,264 in June. It went from $198,711 to $199,507 from May 2015 to May 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in June 2016. Single-family home closings have made up all of new home closings while attached unit closings have represented no part of closings.
There was a 2.4% hike year-over-year in the average unit size of newly sold homes to 1,950 square feet in June 2016. The average size of newly sold homes moved from 2,039 square feet in May 2015 to 1,978 square feet in May 2016.
Foreclosures and real estate owned (REO) closings fell in June from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings accounted for 43.5% of existing home closings, down from 46.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 23.8% in June from 22.3% a year earlier while REO closings as a percentage of existing home closings dropped to 19.7% from 24.4% a year earlier.