Closings of new homes in the Salisbury, MD market saw no change year-over-year in December, staying level after a year-over-year decline in November from the year earlier. Closings remained level at 2 from a year earlier after the figure moved from 2 in November 2014 to 1 in November 2015.
2 of the 133 total closings were new home closings, consistent with the year-earlier figures in terms of percentage. After falling in November from a year earlier, closings of new and existing homes stayed steady in December.
Pricing and Mortgage Trends
The average new home price was $279,950, up from $138,400 a year earlier. This was on the heels of a 85.5% rise in November year-over-year.
The average mortgage size on new homes was $265,953, up from $117,665. Average mortgage size on new homes went from $158,745 in November 2014 to $279,200 in November 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings fell in December from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, accounted for 42.0% of existing closings, lower than 51.1% a year earlier. The percentage of existing home closings involving foreclosures declined to 19.8% in December from 23.7% a year earlier while REO closings as a percentage of existing home closings dropped to 22.1% from 27.5% a year earlier.