Closings of new homes in the Jacksonville, NC market fell year-over-year in May, but the decline was less than the year-over-year decline in April. New home closings moved from 69 a year earlier to 6 after the figure moved from 57 in April 2015 to 4 in April 2016.
A total of 229 new homes were sold during the 12 months that ended in May, down from 292 for the year that ended in April.
New home closings represented 6 out of the 363 total closings, which is a smaller percentage than the 69 of 414 total closings a year earlier. For new and existing homes, closings declined in May after also declining in April year-over-year.
Pricing and Mortgage Trends
The average new home value went from $207,686 last year to $218,167. This came after a 8.4% boost in April year-over-year.
The average mortgage size went down to $198,888 from $202,418 a year earlier. Average mortgage size on new homes went from $190,973 in April 2015 to $213,415 in April 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 May 2016.
The average unit size of newly sold homes fell from 2,184 square feet a year earlier to 1,755 square feet.
Foreclosures and real estate owned (REO) closings decreased in May from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, made up 46.2% of existing closings, lower than 48.1% a year earlier. The percentage of existing home closings involving foreclosures sank to 21.0% in May from 24.3% a year earlier while REO closings as a percentage of existing home closings gained to 25.2% from 23.8%.