In the Jacksonville, NC market, new home closings dropped year-over-year in January, but the decline was less than the year-over-year decline in December. New home closings moved from 50 a year earlier to 7 after the figure moved from 85 in December 2014 to 10 in December 2015.
A total of 441 new homes were sold during the 12 months that ended in January, down from 484 for the year that ended in December.
New home closings were 15.8% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 7 of the 265 total closings. Closings of new and existing homes slid year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $230,371 from last year's $206,928. This was on the heels of a 11.6% rise in December year-over-year.
From the year-ago figure of $204,816, the average mortgage size on new homes moved up to $219,195. Average mortgage size on new homes went from $180,942 in December 2014 to $198,894 in December 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in January 2016.
The average unit size of newly sold homes rose from 2,028 square feet a year earlier to 2,522 square feet.
Foreclosures and real estate owned (REO) closings fell in January from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, represented 46.5% of existing closings, lower than 59.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 22.9% in January from 30.0% a year earlier while REO closings as a percentage of existing home closings fell to 23.6% from 29.2% a year earlier.