In the Asheville, NC market, new home closings slid year-over-year in January, and the decline was by a larger percentage than the December 2015. New home closings moved from 11 a year earlier to 7 after the figure moved from 21 in December 2014 to 17 in December 2015.
A total of 196 new homes were sold during the 12 months that ended in January, down from 200 for the year that ended in December.
7 of the 465 total closings were new home closings, a shift on a percentage basis from 11 out of 456 a year earlier. For new and existing homes, closings increased year-over-year in January after also increasing in December year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $258,643, compared with $322,318 last year. This was on the heels of a 29.6% fall in December from a year earlier.
The average mortgage size on new homes was $220,275, up from $190,065. In December 2015, average mortgage size fell 22.4% from a year earlier.
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 1,938 square feet a year earlier to 1,372 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in January, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 12.4% of existing closings, lower than 20.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 6.6% in January from 8.5% a year earlier while REO closings as a percentage of existing home closings slid to 5.9% from 11.5% a year earlier.