In the Wilmington, NC market in July, new home closings slid year-over-year, and the decline was by a larger percentage than the June 2016. New home closings moved from 80 a year earlier to 11 after the figure moved from 88 in June 2015 to 17 in June 2016.
A total of 451 new homes were sold during the 12 months that ended in July, down from 520 for the year that ended in June.
On a percentage basis, new home closings as a part of total closings decreased to 1.7% from 8.3% a year earlier. Following a year-over-year decline in June, closings of new and existing homes also dropped year-over-year in July.
Pricing and Mortgage Trends
The average price of new homes rose to $291,182 from last year's $265,729. This came after a 26.7% gain in June year-over-year.
The average mortgage size on new homes was $252,734, up from $235,944. Average mortgage size climbed 12.3% in June 2016 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 2,138 square feet a year earlier to 1,889 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 8.8% of closings, below 11.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 3.9% in July from 5.2% a year earlier while REO closings as a percentage of existing home closings fell to 4.9% from 6.6% a year earlier.