In the Dover, DE market, new home closings dropped year-over-year in November, and the percentage drop that was steeper than October 2015 gave implications of worsening market conditions. Closings sank 33.3% from a year earlier to 38. This was after the housing market saw a 16.7% fall year-over-year in October.
A total of 584 new homes were sold during the 12 months that ended in November, down from 603 for the year that ended in October.
New home closings represented 22.4% of overall housing closings. This is down from the a year earlier when new home closings accounted for 26.3% of total closings. Closings of new and existing homes slid year-over-year in November after also falling in October year-over-year.
Pricing and Mortgage Trends
The average per-unit value of new homes slid year-over-year to $271,184 in November, a drop of 4.9% from a year earlier. This decline compares to a period of relatively little movement in October from a year earlier.
The average mortgage size on newly sold homes declined year-over-year in contrast to the average price of new homes. Average mortgage size fell 8.5% to $241,552 in November from a year earlier. Average mortgage size sank 1.1% in October 2015 from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have climbed from last year while closings of single-family homes have dipped. The share of new home closings belonging to attached units increased from 14.0% of closings in November 2014 to 18.4% of closings in November 2015. Meanwhile, single-family home closings as a percentage of all new home closings dropped to 81.6% of closings from 86.0% of closings.
The average unit size of newly sold homes climbed 3.0% year-over-year to 2,577 square feet in November 2015. The average size of newly sold homes moved from 2,334 square feet in October 2014 to 1,647 square feet in October 2015.
Foreclosures and real estate owned (REO) closings decreased in November from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, made up 26.5% of existing closings, lower than 36.9% a year earlier. The percentage of existing home closings involving foreclosures slid to 11.4% in November from 24.4% a year earlier while REO closings as a percentage of existing home closings grew to 15.2% from 12.5%.