Closings of new homes in the Jacksonville, NC market fell year-over-year in December, and the decline was by a larger percentage than the November 2015. New home closings moved from 85 a year earlier to 10 after the figure moved from 55 in November 2014 to 16 in November 2015.
A total of 483 new homes were sold during the 12 months that ended in December, down from 558 for the year that ended in November.
On a percentage basis, new home closings as a part of total closings decreased to 3.3% from 21.7% a year earlier. Following a year-over-year decline in November, closings of new and existing homes also declined year-over-year in December.
Pricing and Mortgage Trends
The average new home value went from $188,541 last year to $210,400. This followed a 5.7% rise in November year-over-year.
Average mortgage size on new homes increased to $198,894 from $180,942 last year. Average mortgage size dropped 4.7% in November 2015 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 December 2015.
The average unit size of newly sold homes went from 1,900 square feet in December 2014 to 1,911 square feet in December 2015.
Foreclosures and real estate owned (REO) closings declined in December from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 51.0% of closings, below 60.1% a year earlier. The percentage of existing home closings involving foreclosures declined to 22.9% in December from 24.2% a year earlier while REO closings as a percentage of existing home closings sank to 28.1% from 35.9% a year earlier.