In the Wilmington, NC market, closings of new homes declined year-over-year in January, and the decline was by a larger percentage than the December 2015. New home closings moved from 93 a year earlier to 13 after the figure moved from 100 in December 2014 to 44 in December 2015.
A total of 848 new homes were sold during the 12 months that ended in January, down from 928 for the year that ended in December.
New home closings were 13 out of the 422 total closings, down on a percentage basis from 93 of 617 a year earlier. Following a year-over-year decline in December, closings of new and existing homes also slid year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes was $304,269, an increase from $273,627 a year earlier. This came after a move from $284,094 per unit to $284,807 from December 2014 to December 2015.
From the year-ago figure of $218,801, the average mortgage size on new homes moved up to $234,328. In December 2015, average mortgage size on newly sold homes saw a 5.2% rise year-over-year 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 average unit size of newly sold homes went from 2,235 square feet in January 2015 to 2,257 square feet in January 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in January, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 14.7% of closings, below 24.6% a year earlier. The percentage of existing home closings involving foreclosures went from 9.2% in January 2015 to 9.3% in January 2016 and REO closings as a percentage of existing home closings slid to 5.4% from 15.5% a year earlier.