New home closings in the Rocky Mount, NC market slid year-over-year in June, falling after a rise in May 2016. New home closings moved from 3 a year earlier to 1 after the figure moved from 1 in May 2015 to 2 in May 2016.

New home closings were 1 out of the 120 total closings, down on a percentage basis from 3 of 134 a year earlier. After rising year-over-year in May, closings of new and existing homes dropped year-over-year in June.

Pricing and Mortgage Trends

The average per-unit price of new homes was $165,500, compared with $199,000 last year. This came after a 8.3% decline in May from a year earlier.

From the year-ago figure of $156,897, the average mortgage size on new homes moved up to $169,803. Average mortgage size on new homes went from $208,673 in May 2015 to $187,088 in May 2016.

Other Market Trends

There was no change in the composition of the new home market with regard to the types of properties sold in June 2016.

Foreclosures and real estate owned (REO) closings decreased in June from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings accounted for 28.6% of existing home closings, below 41.2% a year earlier. The percentage of existing home closings involving foreclosures slid to 14.3% in June from 19.8% a year earlier while REO closings as a percentage of existing home closings declined to 14.3% from 21.4% a year earlier.

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