In the Rocky Mount, NC market, closings of new homes sank year-over-year in April, and the decline was by a larger percentage than the March 2016. New home closings moved from 7 a year earlier to 1 after the figure moved from 5 in March 2015 to 3 in March 2016.
New home closings were 5.8% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 1 of the 128 total closings. After dropping in March from a year earlier, closings of new and existing homes jumped year-over-year in April.
Pricing and Mortgage Trends
The average new home price was $130,000, down from $209,000 a year earlier. This came after a 41.7% drop in March from a year earlier.
The average mortgage size went down to $135,012 from $203,366 a year earlier. Average mortgage size on new homes went from $204,325 in March 2015 to $110,575 in March 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 April 2016.
The average unit size of newly sold homes fell from 1,921 square feet a year earlier to 1,545 square feet.
Foreclosures and real estate owned (REO) closings continued to rise in April from a year earlier and remained a burden on the market. Foreclosures and REO closings, taken together, accounted for 42.5% of existing home closings, up from 37.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 20.5% in April from 17.7% a year earlier while REO closings as a percentage of existing home closings gained to 22.0% from 19.5%.