In the Goldsboro, NC market, closings of new homes dropped year-over-year in March, and the decline was by a larger percentage than the February 2016. New home closings moved from 16 a year earlier to 7 after the figure moved from 15 in February 2015 to 9 in February 2016.
A total of 129 new homes were sold during the 12 months that ended in March, down from 138 for the year that ended in February.
Last year, 16 of 125 total closings were new homes, and this percentage saw a decline as new home closings this year made up 7 of the 137 total closings. Closings of new and existing homes increased year-over-year in March following a fall in February year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $196,857 from last year's $156,156. This came after a 44.5% bump in February year-over-year.
Average mortgage size on new homes rose from $167,383 to $188,035. Average mortgage size on new homes went from $182,010 in February 2015 to $234,720 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 1,561 square feet a year earlier to 1,740 square feet.
Foreclosures and real estate owned (REO) closings fell in March from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 27.7% of closings, below 36.7% a year earlier. The percentage of existing home closings involving foreclosures dropped to 13.8% in March from 20.2% a year earlier while REO closings as a percentage of existing home closings declined to 13.8% from 16.5% a year earlier.