The Rocky Mount, NC market saw a drop in new home closings year-over-year in March, but the decline was less than the year-over-year decline in February. New home closings moved from 5 a year earlier to 3 after the figure moved from 2 in February 2015 to none in February 2016.

3 of the 120 total closings were new home closings, a shift on a percentage basis from 5 out of 179 a year earlier. Following a year-over-year increase in February, closings of new and existing homes sank year-over-year in March.

Pricing and Mortgage Trends

The average value of newly sold homes in March 2016 was $116,000, down from last year's $198,920. This came after a.

The average mortgage size went down to $110,575 from $204,325 a year earlier.

Other Market Trends

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

The average unit size of newly sold homes fell from 1,956 square feet a year earlier to 1,530 square feet.

Foreclosures and real estate owned (REO) closings continued to increase in March from a year earlier and remained a drag on the market. Combined, foreclosures plus REO closings accounted for 32.5% of existing home closings, above 28.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 19.7% in March from 15.5% a year earlier and REO closings moved from 12.6% of existing home closings in March 2015 to 12.8% in March 2016.

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