There was a rise in new home closings in the Greensboro, NC market in July year-over-year, and the market seemed to be hinting at bolstering with a percentage rise stronger than June 2015. New home closings saw a 44.4% climb from a year earlier to 117. This was after the housing market saw a 14.9% rise year-over-year in June.
A total of 968 new homes were sold during the 12 months that ended in July, up from 932 for the year that ended in June.
Out of all housing closings, new home closings made up 9.9%. This is a rise from 7.9% of closings a year earlier. Closings of new and existing homes gained year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes moved to $221,640 in July 2015 from $221,378 in July 2014. This came after a 5.2% fall in June from a year earlier.
Average mortgage size on new homes went from $204,220 in July 2014 to $202,863 in July 2015. Average mortgage size went from $216,820 in June 2014 to $215,360 in June 2015.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. The share of new home closings belonging to single-family homes grew from 80.2% in July 2014 to 83.8% of closings in July 2015. Conversely, the share of new home closings belonging to attached units dropped to 16.2% of closings from 19.8% of closings.
For all new homes sold, the average unit size declined 23.1% year-over-year to 2,013 square feet in July 2015. The average size of newly sold homes moved from 2,558 square feet in June 2014 to 2,196 square feet in June 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 21.7% of closings, below 30.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 11.3% in July from 15.6% a year earlier while REO closings as a percentage of existing home closings declined to 10.4% from 14.8% a year earlier.