The Burlington, NC market saw a drop in new home closings year-over-year in September, a decline following a rise in August 2015. New home closings moved from 24 a year earlier to 12 after the figure moved from 24 in August 2014 to 41 in August 2015.

A total of 350 new homes were sold during the 12 months that ended in September, down from 362 for the year that ended in August.

New home closings were 12 of the 84 total closings, up on a percentage basis from 24 of 203 a year earlier. After rising year-over-year in August, closings of new and existing homes fell year-over-year in September.

Pricing and Mortgage Trends

The average price of new homes rose to $239,542 from last year's $208,446. This was on the heels of a 17.4% gain in August year-over-year.

Average mortgage size on new homes rose from $182,521 to $204,183. In August 2015, average mortgage size jumped 9.1% from a year earlier.

Other Market Trends

There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.

The average unit size of newly sold homes rose from 1,586 square feet a year earlier to 2,127 square feet.

Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 6.9% of existing closings, lower than 29.1% a year earlier. The percentage of existing home closings involving foreclosures slid to 1.4% in September from 12.3% a year earlier while REO closings as a percentage of existing home closings sank to 5.6% from 16.8% a year earlier.

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