In the Burlington, NC market in July, closings of new homes sank year-over-year, and the decline was by a larger percentage than the June 2016. New home closings moved from 33 a year earlier to 2 after the figure moved from 41 in June 2015 to 38 in June 2016.
A total of 395 new homes were sold during the 12 months that ended in July, down from 426 for the year that ended in June.
New home closings were 2 out of 12 total closings, making up 16.7%. This is up on a percentage basis from 33 of 236 a year earlier. For new and existing homes, closings slid in July after also declining in June year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $291,500, an increase from $216,461 a year earlier. This came after a 13.4% surge in June year-over-year.
There was a decline in average mortgage size on new homes, going from $192,351 last year to $189,407 in July 2016. In June 2016, average mortgage size rose 8.0% from a year earlier.
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 continued to fall from a year earlier in July, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up no part of existing closings, lower than 23.2% a year earlier. The percentage of existing home closings involving foreclosures sank to no part in July from 11.3% a year earlier while REO closings as a percentage of existing home closings declined to no part from 11.8% a year earlier.