Closings of new homes in the Asheville, NC market sank year-over-year in August, falling after a rise in July 2015. New home closings moved from 21 a year earlier to 14 after the figure moved from 18 in July 2014 to 20 in July 2015.
A total of 219 new homes were sold during the 12 months that ended in August, down from 226 for the year that ended in July.
14 of the 711 total closings were new home closings, a shift on a percentage basis from 21 out of 709 a year earlier. After new and existing closings increased in July year-over-year, they stayed level in August.
Pricing and Mortgage Trends
The average value of newly sold homes in August 2015 was $231,564, down from last year's $327,124. This followed a 1.1% decline in July from a year earlier.
There was a decline in average mortgage size on new homes, going from $225,835 last year to $148,053 in August 2015. In July 2015, average mortgage size on newly sold homes saw a 12.3% fall from a year earlier.
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 fell from 2,111 square feet a year earlier to 1,391 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 10.6% of existing home closings, below 16.4% a year earlier. The percentage of existing home closings involving foreclosures sank to 4.7% in August from 8.3% a year earlier while REO closings as a percentage of existing home closings declined to 5.9% from 8.1% a year earlier.