New home closings increased year-over-year in December in the Winston-Salem, NC market, but the percentage hike, which was less than November 2015, seemed to suggest market leveling. New home closings saw a 16.9% climb from a year earlier to 69. In comparison, new home closings in the same month last year saw a 25.0% climb year-over-year in November.
A total of 851 new homes were sold during the 12 months that ended in December, up from 841 for the year that ended in November.
As a percentage of overall housing closings, new home closings represented 11.6%. This is a boost from 9.3% of closings a year earlier. After rising year-over-year in November, closings of new and existing homes fell year-over-year in December.
Pricing and Mortgage Trends
In December, there was a 23.3% bump year-over-year in the average price of newly sold homes, reaching $204,684 per unit. This gain compares to a 9.6% decline in November from a year earlier.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. The average mortgage size saw a 14.8% bump year-over-year to $165,507 in December. In November 2015, average mortgage size rose 1.5% from a year earlier.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home closings have moved from 76.3% of new home closings to 75.4% of closings while attached units have gone from 23.7% of closings to 24.6% of closings.
For all new homes sold, the average unit size slid 21.7% year-over-year to 1,670 square feet in December 2015. In November, the average size of new homes sold went from 2,402 square feet a year earlier to 2,582 square feet.
Foreclosures and real estate owned (REO) closings declined in December from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 26.6% of closings, below 29.8% a year earlier. The percentage of existing home closings involving foreclosures fell to 10.4% in December from 13.0% a year earlier and REO closings moved from 16.8% of existing home closings in December 2014 to 16.1% in December 2015.