New home closings slid year-over-year in November in the Asheville, NC market, and the decline was by a larger percentage than the October 2015. New home closings moved from 19 a year earlier to 10 after the figure moved from 28 in October 2014 to 16 in October 2015.
A total of 203 new homes were sold during the 12 months that ended in November, down from 212 for the year that ended in October.
New home closings represented 10 out of the 509 total closings, which is a smaller percentage than the 19 of 614 total closings a year earlier. Following a year-over-year increase in October, closings of new and existing homes fell year-over-year in November.
Pricing and Mortgage Trends
The average price of new homes rose to $352,260 from last year's $264,789. This came after a 1.8% surge in October year-over-year.
The average mortgage size on new homes was $218,679, up from $196,211. In October 2015, average mortgage size increased 6.8% from a year earlier.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold.
The average unit size of newly sold homes rose from 1,773 square feet a year earlier to 2,435 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in November, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 10.2% of closings, below 15.1% a year earlier. The percentage of existing home closings involving foreclosures slid to 7.4% in November from 8.6% a year earlier while REO closings as a percentage of existing home closings fell to 2.8% from 6.6% a year earlier.