Closings of new homes gained year-over-year in May in the Salisbury, MD market,. Closings stood at 6 in May after being 4 a year earlier and remaining unchanged at 1 in April from a year earlier.
A total of 42 new homes were sold during the 12 months that ended in May, up from 40 for the year that ended in April.
New home closings were 6 out of 143 total closings, making up 4.2%. This is up on a percentage basis from 4 of 168 a year earlier. Closings of new and existing homes sank year-over-year in May after also falling in April year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $153,492, compared with $198,550 last year. This came after a 38.3% decline in April from a year earlier.
The average mortgage size went down to $144,222 from $181,396 a year earlier. Average mortgage size on new homes went from $210,000 in April 2015 to $168,042 in April 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.
There was a move in the average unit size of newly sold homes from 1,661 square feet in May 2015 to 1,651 square feet in May 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 24.1% of existing home closings, down from 45.1% a year earlier. The percentage of existing home closings involving foreclosures slid to 2.9% in May from 17.7% a year earlier while REO closings as a percentage of existing home closings dropped to 21.2% from 27.4% a year earlier.