In the Asheville, NC market, closings of new homes sank year-over-year in March, but the decline was less than the year-over-year decline in February. New home closings moved from 18 a year earlier to 7 after the figure moved from 18 in February 2015 to 6 in February 2016.
A total of 173 new homes were sold during the 12 months that ended in March, down from 184 for the year that ended in February.
On a percentage basis, new home closings as a part of total closings decreased to 1.2% from 3.0% a year earlier. Following a year-over-year increase in February, closings of new and existing homes declined year-over-year in March.
Pricing and Mortgage Trends
The average per-unit price of new homes was $220,143, compared with $309,167 last year. This followed a 3.6% decline in February from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $263,186 to $138,984. Average mortgage size on new homes went from $192,577 in February 2015 to $207,823 in February 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 fell from 2,167 square feet a year earlier to 2,132 square feet.
Foreclosures and real estate owned (REO) closings rose in March from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings made up 13.7% of existing home closings, up from 13.5% a year earlier. The percentage of existing home closings involving foreclosures went from 4.9% in March 2015 to 5.8% in March 2016 and REO closings moved from 8.7% of existing home closings in March 2015 to 7.9% in March 2016.