New home closings sank year-over-year in May in the Jacksonville, NC market, 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 were 16.7% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 6 of the 363 total closings. Closings of new and existing homes declined year-over-year in May after also falling in April year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $218,167 from $207,686 a year ago. This came after a 8.4% hike 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 declined in May from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings accounted for 46.2% of existing home closings, down from 48.1% a year earlier. The percentage of existing home closings involving foreclosures fell to 21.0% in May from 24.3% a year earlier while REO closings as a percentage of existing home closings increased to 25.2% from 23.8%.