Closings of new homes in the Hickory, NC market saw no change year-over-year in March, staying level after a year-over-year decline in February from the year earlier. Closings remained level at 3 from a year earlier after the figure moved from 7 in February 2015 to 3 in February 2016.
A total of 45 new homes were sold during the 12 months that ended in March, equal to the number of new homes sold for the year that ended in February.
3 of the 349 total closings were new home closings, consistent with the year-earlier figures in terms of percentage. For new and existing homes, closings slid in March after also declining in February year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $212,500 from last year's $204,667. This came after a more than twofold gain in February year-over-year.
Average mortgage size on new homes increased to $230,869 from $154,633 last year. Average mortgage size on new homes went from $143,411 in February 2015 to $271,768 in February 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.
The average unit size of newly sold homes rose from 1,936 square feet a year earlier to 2,132 square feet.
Foreclosures and real estate owned (REO) closings fell in March from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for 30.3% of existing closings, lower than 33.9% a year earlier. The percentage of existing home closings involving foreclosures sank to 12.1% in March from 15.1% a year earlier and REO closings moved from 18.8% of existing home closings in March 2015 to 18.2% in March 2016.