Closings of new homes sank year-over-year in February in the Goldsboro, NC market, dropping after a year-over-year increase in January 2016. New home closings moved from 15 a year earlier to 9 after the figure moved from 7 in January 2015 to 9 in January 2016.

A total of 138 new homes were sold during the 12 months that ended in February, down from 144 for the year that ended in January.

New home closings were 9 out of the 104 total closings, down on a percentage basis from 15 of 111 a year earlier. Following a year-over-year rise in January, closings of new and existing homes declined year-over-year in February.

Pricing and Mortgage Trends

The average new home value went from $176,767 last year to $255,444. This followed a 13.8% decline in January from a year earlier.

Average mortgage size on new homes went from $182,010 a year earlier to $234,720. Average mortgage size on new homes went from $202,581 in January 2015 to $164,575 in January 2016.

Other Market Trends

There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.

Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in February, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 24.2% of existing home closings, below 33.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 11.6% in February from 16.7% a year earlier while REO closings as a percentage of existing home closings slid to 12.6% from 16.7% a year earlier.

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