In the Dover, DE market in December, closings of new homes dropped year-over-year, but compared with November 2015, the percentage fall was less steep, suggesting that the market may be evening out. New home closings saw a fall of 4.7% from the year earlier to 61. This came after a 33.3% drop year-over-year in November.
A total of 582 new homes were sold during the 12 months that ended in December, down from 585 for the year that ended in November.
As a percentage of overall housing closings, new home closings represented 27.1%. This is a fall 30.8% of closings a year earlier. Closings of new and existing homes climbed year-over-year in December following a drop in November year-over-year.
Pricing and Mortgage Trends
In December, there was a 3.0% rise year-over-year in the average price of newly sold homes, reaching $286,656 per unit. This gain compares to a 4.9% fall in November from a year earlier.
The average mortgage size on newly sold homes jumped year-over-year along with the average price of new homes. In December 2015, the average mortgage size on newly sold homes saw a 8.3% bump from a year earlier. In November 2015, average mortgage size declined 8.5% from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have climbed from last year while single-family home closings have dropped. The share of new home closings belonging to attached units increased from 9.4% of closings in December 2014 to 14.8% of closings in December 2015. Conversely, the share belonging to single-family homes sank to 85.2% of closings from 90.6% of closings.
There was a 30.3% fall year-over-year in the average unit size of newly sold homes to 1,649 square feet in December 2015. In November, the average size of new homes sold went from 2,502 square feet a year earlier to 2,577 square feet.
Foreclosures and real estate owned (REO) closings continued to rise in December from a year earlier and stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for 30.5% of existing home closings, up from 29.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 20.1% in December from 2.8% a year earlier while REO closings as a percentage of existing home closings sank to 10.4% from 27.1% a year earlier.