Closings of new homes sank year-over-year in July in the Fayetteville, NC market, and the decline was by a larger percentage than the June 2015. New home closings moved from 57 a year earlier to 6 after the figure moved from 55 in June 2014 to 10 in June 2015.

A total of 192 new homes were sold during the 12 months that ended in July, down from 243 for the year that ended in June.

On a percentage basis, new home closings as a part of total closings decreased to 1.1% from 11.3% a year earlier. Closings of new and existing homes rose year-over-year in July following a decline in June year-over-year.

Pricing and Mortgage Trends

The average new home price was $248,000, up from $214,554 a year earlier. This came after a 6.6% drop in June from a year earlier.

The average mortgage size on new homes was $250,945, up from $215,220. Average mortgage size on new homes went from $212,010 in June 2014 to $227,390 in June 2015.

Other Market Trends

As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.

The average unit size of newly sold homes rose from 2,549 square feet a year earlier to 3,138 square feet.

Foreclosures and real estate owned (REO) closings fell in July from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings made up 34.1% of existing home closings, below 41.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 15.7% in July from 19.9% a year earlier while REO closings as a percentage of existing home closings slid to 18.4% from 21.4% a year earlier.

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