The Hickory, NC market saw no change in new home closings year-over-year in July, staying relatively stable after having decreased year-over-year in June. Closings remained level at 2 from a year earlier after the figure moved from 7 in June 2015 to 5 in June 2016.
A total of 47 new homes were sold during the 12 months that ended in July, equal to the number of new homes sold for the year that ended in June.
2 of the 380 total closings were new home closings, consistent with the year-earlier figures in terms of percentage. Following a period of little movement in June from a year earlier, closings of new and existing homes declined year-over-year in July.
Pricing and Mortgage Trends
The average new home value went from $291,000 last year to $580,500. This was on the heels of a 8.5% fall in June from a year earlier.
The average mortgage size on new homes was $299,203, up from $212,500. Average mortgage size on new homes went from $290,462 in June 2015 to $254,587 in June 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 15.1% of existing home closings, down from 24.0% a year earlier. The percentage of existing home closings involving foreclosures dropped to 4.5% in July from 13.8% a year earlier and REO closings moved from 10.2% of existing home closings in July 2015 to 10.6% in July 2016.