Closings of new homes dropped year-over-year in June in the Hickory, NC market, a decline following a rise in May 2016. New home closings moved from 7 a year earlier to 5 after the figure moved from 4 in May 2015 to 9 in May 2016.
A total of 47 new homes were sold during the 12 months that ended in June, down from 49 for the year that ended in May.
New home closings were 5 out of the 478 total closings, a move on a percentage basis from 7 of 491 a year earlier. Following a year-over-year rise in May, closings of new and existing homes declined year-over-year in June.
Pricing and Mortgage Trends
The average new home price was $277,900, down from $303,571 a year earlier. This came after a 26.9% hike in May year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $290,462 to $254,587. Average mortgage size on new homes went from $155,468 in May 2015 to $186,873 in May 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in June 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 18.6% of existing home closings, below 22.7% a year earlier. The percentage of existing home closings involving foreclosures fell to 9.1% in June from 12.6% a year earlier and REO closings moved from 10.1% of existing home closings in June 2015 to 9.5% in June 2016.