Closings of new homes in the Salisbury, MD market dropped year-over-year in March, falling after a rise in February 2016. New home closings moved from 9 a year earlier to 2 after the figure moved from 2 in February 2015 to 3 in February 2016.

A total of 40 new homes were sold during the 12 months that ended in March, down from 47 for the year that ended in February.

Last year, 9 of 163 total closings were new homes, and this percentage saw a decline as new home closings this year made up 2 of the 139 total closings. Following a year-over-year increase in February, closings of new and existing homes slid year-over-year in March.

Pricing and Mortgage Trends

The average per-unit price of new homes was $178,550, compared with $195,361 last year. This was on the heels of a 33.4% fall in February from a year earlier.

Average mortgage size on newly sold homes saw a decline year-over-year from $191,484 to $151,156. Average mortgage size on new homes went from $253,325 in February 2015 to $185,232 in February 2016.

Other Market Trends

The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.

The average unit size of newly sold homes went from 1,745 square feet in March 2015 to 1,728 square feet in March 2016.

Foreclosures and real estate owned (REO) closings fell in March from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings made up 41.6% of existing home closings, below half a year earlier. The percentage of existing home closings involving foreclosures slid to 13.9% in March from 23.4% a year earlier while REO closings as a percentage of existing home closings increased to 27.7% from 26.6%.

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