In the Lincoln, NE market in November, new home closings slid year-over-year, sliding down after a hike in October 2015. New home closings saw a drop of 13.8% from the year earlier to 50. This followed a 1.4% hike year-over-year in October.
A total of 632 new homes were sold during the 12 months that ended in November, down from 640 for the year that ended in October.
Out of all housing closings, new home closings accounted for 12.6%. This is down from the 13.8% of closings a year earlier. For new and existing homes, closings sank in November after also declining in October year-over-year.
Pricing and Mortgage Trends
In November, the average value of new homes saw a 3.6% lift year-over-year as it grew to $263,898 per unit. This bump is smaller than the 14.0% rise in October year-over-year.
In November 2015, average mortgage size on newly sold homes moved from $221,995 to $223,574 from November 2014. In October 2015, average mortgage size on newly sold homes saw a 16.0% lift year-over-year from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. The share of new home closings belonging to single-family homes rose from 69.0% in November 2014 to 76.0% of closings in November 2015. At the same time, the share of new home closings belonging to attached units fell to 24.0% of closings from 31.0% of closings.
The average unit size of newly sold homes slid 15.6% year-over-year to 1,467 square feet in November 2015. This decline was opposite the price surge, a pattern also seen in October 2015 when the average size of newly sold homes slid 1.2% to 1,737 square feet. In October, the average size of new homes sold went from 1,758 square feet a year earlier to 1,737 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 9.2% of existing home closings, down from 13.5% a year earlier. The percentage of existing home closings involving foreclosures dropped to 4.0% in November from 6.9% a year earlier while REO closings as a percentage of existing home closings sank to 5.2% from 6.6% a year earlier.