In November, there was a fall year-over-year in new home closings in the Jacksonville, NC market, but the decline was less than the year-over-year decline in October. New home closings moved from 55 a year earlier to 16 after the figure moved from 80 in October 2014 to 13 in October 2015.
A total of 558 new homes were sold during the 12 months that ended in November, down from 597 for the year that ended in October.
As a percentage of overall housing closings, new home closings made up 7.0%. This is down from the 18.0% of closings a year earlier. For new and existing homes, closings slid in November after also declining in October year-over-year.
Pricing and Mortgage Trends
The average price of new homes climbed year-over-year 5.7% in November to $203,819 per unit. This lift is smaller than the 7.6% surge in October year-over-year.
For newly sold homes, the average mortgage size fell year-over-year in contrast to average price of new homes. The average mortgage size fell to $181,442 in November, marking a 4.7% decline compared with last year. Average mortgage size on new homes went from $196,295 in October 2014 to $217,501 in October 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2015. Single-family home closings have made up all of new home closings while attached unit closings have accounted for no part of closings.
For all new homes sold, the average unit size sank 7.3% year-over-year to 1,856 square feet in November 2015. For newly sold homes, an average size decline contrasting with an average price hike was also seen in October 2015 when the average size of newly sold homes fell 2.8% to 1,983 square feet. In October, the average size of new homes sold went from 2,041 square feet a year earlier to 1,983 square feet.
Foreclosures and real estate owned (REO) closings decreased in November from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings represented 60.2% of existing home closings, below 60.6% a year earlier. The percentage of existing home closings involving foreclosures sank to 19.9% in November from 29.1% a year earlier while REO closings as a percentage of existing home closings increased to 40.3% from 31.5%.