New home closings in the Salisbury, MD market were unchanged year-over-year in April, staying level after a year-over-year decline in March from the year earlier. Closings remained level at 1 from a year earlier after the figure moved from 9 in March 2015 to 2 in March 2016.
A total of 40 new homes were sold during the 12 months that ended in April, equal to the number of new homes sold for the year that ended in March.
New home closings were 1 out of the 126 total closings, a move on a percentage basis from 1 of 157 a year earlier. Following a year-over-year decline in March, closings of new and existing homes also declined year-over-year in April.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $166,050, down from last year's $269,000. This followed a 8.6% decline in March from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $210,000 to $168,042. Average mortgage size on new homes went from $191,484 in March 2015 to $151,156 in 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 average unit size of newly sold homes rose from 1,743 square feet a year earlier to 2,136 square feet.
Foreclosures and real estate owned (REO) closings decreased in April from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings represented 32.0% of existing home closings, down from 55.8% a year earlier. The percentage of existing home closings involving foreclosures slid to 4.8% in April from 30.8% a year earlier while REO closings as a percentage of existing home closings climbed to 27.2% from a quarter.