In the Baltimore, MD market in April, new home closings jumped year-over-year, on an upswing after a fall in March 2016. Closings gained 3.3% from a year earlier to 251. This came on the heels of a 12.9% decline year-over-year in March.
A total of 3,800 new homes were sold during the 12 months that ended in April, up from 3,792 for the year that ended in March.
Of the total number of closings, new home closings made up 6.7%. New home closings were 6.2% of overall closings last year. For new and existing homes, closings dropped in April after also declining in March year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price moved from $471,827 in April 2015 to $474,069 in April 2016. This was on the heels of a 1.3% drop in March from a year earlier.
The average mortgage size on newly sold homes fell year-over-year in contrast to the average price of new homes. It slid 2.6% in April from a year earlier to $399,113. It went from $390,964 to $388,281 from March 2015 to March 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 share of new home closings belonging to attached units increased from 53.9% of closings in April 2015 to 61.0% of closings in April 2016. At the same time, the share belonging to single-family homes declined to 39.0% of closings from 46.1% of closings.
The average unit size of newly sold homes slid 18.1% year-over-year to 2,423 square feet in April 2016. In March, the average size of new homes sold went from 2,933 square feet a year earlier to 2,449 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 23.1% of closings, below 36.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 4.4% in April from 16.2% a year earlier while REO closings as a percentage of existing home closings dropped to 18.8% from 20.1% a year earlier.