Closings of new homes slid year-over-year in January in the Fayetteville, NC market, and the decline was by a larger percentage than the December 2015. New home closings moved from 49 a year earlier to 6 after the figure moved from 60 in December 2014 to 10 in December 2015.
A total of 488 new homes were sold during the 12 months that ended in January, down from 531 for the year that ended in December.
Last year, 49 of 386 total closings were new homes, and this percentage saw a decline as new home closings this year made up 6 of the 357 total closings. Following a year-over-year rise in December, closings of new and existing homes declined year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes was $293,500, an increase from $232,471 a year earlier. This was on the heels of a 12.7% fall in December from a year earlier.
Average mortgage size on new homes rose from $218,963 to $273,926. Average mortgage size on new homes went from $226,505 in December 2014 to $202,998 in December 2015.
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.
The average unit size of newly sold homes rose from 2,578 square feet a year earlier to 3,412 square feet.
Foreclosures and real estate owned (REO) closings fell in January from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 52.7% of closings, below 56.1% a year earlier. The percentage of existing home closings involving foreclosures slid to 26.2% in January from 27.3% a year earlier while REO closings as a percentage of existing home closings sank to 26.5% from 28.8% a year earlier.