In July, there was a decline year-over-year in new home closings in the Greenville, NC market, and the decline was by a larger percentage than the June 2016. New home closings moved from 34 a year earlier to 13 after the figure moved from 29 in June 2015 to 15 in June 2016.
A total of 253 new homes were sold during the 12 months that ended in July, down from 274 for the year that ended in June.
New home closings were 13 out of the 204 total closings, down on a percentage basis from 34 of 297 a year earlier. Closings of new and existing homes dropped year-over-year in July after also falling in June year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $200,123, compared with $205,135 last year. This followed a 5.8% decline in June from a year earlier.
Average mortgage size on new homes moved from $186,761 to $188,245. Average mortgage size slid 12.4% in June 2016 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 2,033 square feet a year earlier to 1,943 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 16.2% of existing closings, lower than 17.1% a year earlier. The percentage of existing home closings involving foreclosures stayed at 9.9% of closings in July from a year earlier and REO closings moved from 7.2% of existing home closings in July 2015 to 6.3% in July 2016.