In the Greenville, NC market, new home closings dropped year-over-year in September, and the decline was by a larger percentage than the August 2015. New home closings moved from 24 a year earlier to 10 after the figure moved from 22 in August 2014 to 17 in August 2015.
A total of 239 new homes were sold during the 12 months that ended in September, down from 253 for the year that ended in August.
Last year, 24 of 190 total closings were new homes, and this percentage saw a decline as new home closings this year made up 10 of the 213 total closings. Closings of new and existing homes gained year-over-year in September following a fall in August year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $253,650 from last year's $204,425. This was on the heels of a 2.7% drop in August from a year earlier.
The average mortgage size on new homes was $213,080, up from $186,401. Average mortgage size increased 4.3% in August 2015 from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 2,073 square feet a year earlier to 1,479 square feet.
Foreclosures and real estate owned (REO) closings continued to rise in September from a year earlier and remained a drag on the market. Foreclosures and REO closings, taken together, represented 28.1% of existing home closings, higher than 25.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 16.3% in September from 14.5% a year earlier and REO closings moved from 10.8% of existing home closings in September 2014 to 11.8% in September 2015.