Closings of new homes sank year-over-year in September in the Burlington, NC market, sliding after a growth in August 2015. New home closings moved from 24 a year earlier to 12 after the figure moved from 24 in August 2014 to 41 in August 2015.
A total of 350 new homes were sold during the 12 months that ended in September, down from 362 for the year that ended in August.
New home closings were 12 of the 84 total closings, up on a percentage basis from 24 of 203 a year earlier. Following a year-over-year rise in August, closings of new and existing homes slid year-over-year in September.
Pricing and Mortgage Trends
The average new home price was $239,542, up from $208,446 a year earlier. This came after a 17.4% bump in August year-over-year.
Average mortgage size on new homes went from $182,521 a year earlier to $204,183. In August 2015, average mortgage size increased 9.1% from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.
The average unit size of newly sold homes rose from 1,586 square feet a year earlier to 2,127 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 6.9% of closings, below 29.1% a year earlier. The percentage of existing home closings involving foreclosures dropped to 1.4% in September from 12.3% a year earlier while REO closings as a percentage of existing home closings fell to 5.6% from 16.8% a year earlier.