In December, closings of new homes in the Baltimore, MD market grew year-over-year, snapping back from a drop in November 2015. New home closings saw a 12.7% boost from a year earlier to 408. This came after a 9.0% fall year-over-year in November.
A total of 3,644 new homes were sold during the 12 months that ended in December, up from 3,598 for the year that ended in November.
New home closings made up 10.3% of overall housing closings. This marks a rise from 8.8% of total closings a year earlier. Closings of new and existing homes declined year-over-year in December after also falling in November year-over-year.
Pricing and Mortgage Trends
The average price of new homes dropped 5.7% year-over-year in December to $467,728 per unit. This drop is larger than the 1.6% decline in November from a year earlier.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. In December 2015, average mortgage size on new homes sold was $398,082, down 1.1% from a year earlier. Average mortgage size declined 1.7% in November 2015 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. Attached unit closings increased from 54.4% of all closings in December 2014 to 58.6% of closings in December 2015. Meanwhile, single-family home closings as a percentage of all new home closings fell to 41.4% of closings from 45.6% of closings.
The average unit size of newly sold homes fell 25.2% year-over-year to 2,158 square feet in December 2015. In November, the average size of new homes sold went from 3,124 square feet a year earlier to 3,496 square feet.
Foreclosures and real estate owned (REO) closings fell in December from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings represented 25.4% of closings, below 39.4% a year earlier. The percentage of existing home closings involving foreclosures dropped to 5.1% in December from 21.6% a year earlier while REO closings as a percentage of existing home closings jumped to 20.3% from 17.8%.