Closings of new homes in the Carson City, NV market saw no change year-over-year in March, staying flat after advancing year-over-year in February from the year earlier. Closings remained level at 3 from a year earlier after the figure moved from none in February 2015 to 3 in February 2016. New home closings moved from 3 a year earlier to 3 after the figure moved from none in February 2015 to 3 in February 2016.
New home closings were 3 out of the 78 total closings, a move on a percentage basis from 3 of 88 a year earlier. Closings of new and existing homes dropped year-over-year in March after also falling in February year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $472,710 from $454,226 a year ago. This followed a set of periods with no new home closings in both February 2016 or February 2015.
The average mortgage size on new homes was $414,627, up from $288,350.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in March 2016.
The average unit size of newly sold homes fell from 2,529 square feet a year earlier to 2,035 square feet.
Foreclosures and real estate owned (REO) closings continued to increase in March from a year earlier and remained a burden on the market. Foreclosures and REO closings, taken together, represented 29.3% of existing home closings, up from 21.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 12.0% in March from 4.7% a year earlier and REO closings moved from 16.5% of existing home closings in March 2015 to 17.3% in March 2016.