The Greensboro, NC market saw a drop in new home closings year-over-year in November, but the market seemed to be signaling improvement with a percentage fall less steep than in October 2015. New home closings saw a decline of 8.3% from the year earlier to 66. This came on the heels of a 22.0% fall year-over-year in October.
A total of 1,003 new homes were sold during the 12 months that ended in November, down from 1,009 for the year that ended in October.
New home closings represented 8.6% of overall housing closings. New home closings were 9.6% of overall closings last year. Following a year-over-year increase in October, closings of new and existing homes also increased year-over-year in November.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 5.3% bump year-over-year in November to $222,880 per unit. This surge is smaller than the 7.8% boost in October year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In November 2015, average mortgage size increased 5.3% from a year earlier to $198,517. Average mortgage size gained 13.8% in October 2015 from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have risen from last year while closings of single-family homes have slumped. The share of new home closings belonging to attached units rose from 18.1% of closings in November 2014 to 31.8% of closings in November 2015. Conversely, the share belonging to single-family homes slid to 68.2% of closings from 81.9% of closings.
The average unit size of newly sold homes climbed 12.7% year-over-year to 2,639 square feet in November 2015. In October, the average size of new homes sold went from 2,354 square feet a year earlier to 2,243 square feet.
Foreclosures and real estate owned (REO) closings declined in November from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings accounted for 28.7% of existing home closings, down from 29.0% a year earlier. The percentage of existing home closings involving foreclosures went from 14.6% in November 2014 to 14.3% in November 2015 and REO closings as a percentage of existing home closings stayed level at 14.4%.