The Rocky Mount, NC market saw an increase in closings of new homes in May year-over-year, rebounding from a year-over-year decline in April 2016. New home closings moved from 1 a year earlier to 2 after the figure moved from 7 in April 2015 to 1 in April 2016.
New home closings were 2 out of the 153 total closings, a move on a percentage basis from 1 of 98 a year earlier. Closings of new and existing homes grew year-over-year in May after also rising in April year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in May 2016 was $187,500, down from last year's $204,500. This was on the heels of a 37.8% drop in April from a year earlier.
There was a decline in average mortgage size on new homes, going from $208,673 last year to $187,088 in May 2016. Average mortgage size on new homes went from $203,366 in April 2015 to $135,012 in April 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 May 2016.
Foreclosures and real estate owned (REO) closings fell in May from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings accounted for 31.1% of existing home closings, below 42.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 14.6% in May from 20.6% a year earlier while REO closings as a percentage of existing home closings dropped to 16.6% from 21.6% a year earlier.