In May, the Goldsboro, NC market saw a drop year-over-year in new home closings, but the decline was less than the year-over-year decline in April. New home closings moved from 10 a year earlier to 8 after the figure moved from 15 in April 2015 to 5 in April 2016.
A total of 117 new homes were sold during the 12 months that ended in May, down from 119 for the year that ended in April.
On a percentage basis, new home closings as a part of total closings decreased to 3.9% from 7.5% a year earlier. Closings of new and existing homes increased year-over-year in May following a decline in April year-over-year.
Pricing and Mortgage Trends
The average new home price was $179,325, down from $188,110 a year earlier. This followed a 2.4% drop in April from a year earlier.
The average mortgage size went down to $175,802 from $191,967 a year earlier. Average mortgage size on new homes went from $181,673 in April 2015 to $175,094 in April 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes fell from 1,721 square feet a year earlier to 1,424 square feet.
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 20.9% of existing home closings, down from 24.2% a year earlier. The percentage of existing home closings involving foreclosures dropped to 11.7% in May from 16.9% a year earlier while REO closings as a percentage of existing home closings gained to 9.2% from 7.3%.