Closings of new homes declined year-over-year in March in the Jacksonville, NC market, but the decline was less than the year-over-year decline in February. New home closings moved from 57 a year earlier to 11 after the figure moved from 60 in February 2015 to 10 in February 2016.
A total of 345 new homes were sold during the 12 months that ended in March, down from 391 for the year that ended in February.
New home closings represented 11 out of the 329 total closings, which is a smaller percentage than the 57 of 375 total closings a year earlier. For new and existing homes, closings sank in March after also declining in February year-over-year.
Pricing and Mortgage Trends
The average new home value went from $192,754 last year to $200,500. This followed a 4.9% drop in February from a year earlier.
Average mortgage size on new homes went from $187,536 a year earlier to $198,349. Average mortgage size on new homes went from $190,147 in February 2015 to $183,165 in February 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 March 2016.
There was a move in the average unit size of newly sold homes from 2,041 square feet in March 2015 to 2,058 square feet in March 2016.
Foreclosures and real estate owned (REO) closings stayed steady in March from a year earlier, but stayed a drag on the market. Combined, foreclosures plue REO closings accounted for 54.1% of existing home closings, relatively unchanged from a year earlier The percentage of existing home closings involving foreclosures rose to 29.9% in March from 28.3% a year earlier while REO closings as a percentage of existing home closings fell to 24.2% from 25.8% a year earlier.