In the Fayetteville, NC market in February, new home closings declined year-over-year, but the decline was less than the year-over-year decline in January. New home closings moved from 51 a year earlier to 7 after the figure moved from 49 in January 2015 to 6 in January 2016.
A total of 444 new homes were sold during the 12 months that ended in February, down from 488 for the year that ended in January.
On a percentage basis, new home closings as a part of total closings decreased to 1.5% from 11.5% a year earlier. Following a fall in January year-over-year, closings of new and existing homes climbed year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes was $254,214, an increase from $219,457 a year earlier. This was on the heels of a 26.3% hike in January year-over-year.
Average mortgage size on new homes went from $215,313 a year earlier to $254,685. Average mortgage size on new homes went from $218,963 in January 2015 to $273,926 in January 2016.
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 2,562 square feet a year earlier to 2,917 square feet.
Foreclosures and real estate owned (REO) closings declined in February from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings represented 45.5% of closings, below 49.6% a year earlier. The percentage of existing home closings involving foreclosures dropped to 22.5% in February from 24.0% a year earlier while REO closings as a percentage of existing home closings slid to 22.9% from 25.6% a year earlier.