In the Greensboro, NC market, new home closings sank year-over-year in April, but the percentage fall, which was less than that of March 2016, gave suggestions that the market may be evening out. New home closings saw a fall of 9.6% from the year earlier to 85. This came after a 11.2% fall year-over-year in March.
A total of 997 new homes were sold during the 12 months that ended in April, down from 1,006 for the year that ended in March.
Out of all housing closings, new home closings accounted for 7.9%. This is down from the 9.5% of closings a year earlier. Following a year-over-year increase in March, closings of new and existing homes also jumped year-over-year in April.
Pricing and Mortgage Trends
In April, the average price of newly sold homes climbed year-over-year to $264,664 per unit, a 16.4% boost. This bump compares to a 6.3% decline in March from a year earlier.
The average mortgage size on new homes moved north year-over-year along with new home prices. In April 2016, the average mortgage size was $220,774, a 10.9% gain from a year earlier. In March 2016, average mortgage size dropped 3.0% from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. The share of new home closings belonging to single-family homes climbed from 80.9% in April 2015 to 82.4% of closings in April 2016. Meanwhile, attached units as a percentage of all new home closings dropped to 17.6% of closings from 19.1% of closings.
For all new homes sold, the average unit size rose 26.6% year-over-year to 2,991 square feet in April 2016. This surge was somewhat steeper than the price hike, which was also seen in March 2016 when the average size of new homes sold jumped 15.1% to 2,067 square feet from a year earlier. In March, the average size of new homes sold went from 2,434 square feet a year earlier to 2,067 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 22.5% of existing closings, lower than 32.9% a year earlier. The percentage of existing home closings involving foreclosures sank to 10.5% in April from 18.0% a year earlier while REO closings as a percentage of existing home closings fell to 12.0% from 15.0% a year earlier.