In March, there was a decline year-over-year in new home closings in the Winston-Salem, NC market, drawing a downward slope off of a rise in February 2016. New home closings saw a 32.3% fall from a year earlier to 44. This followed a 15.1% hike year-over-year in February.
A total of 845 new homes were sold during the 12 months that ended in March, down from 866 for the year that ended in February.
As a percentage of overall housing closings, new home closings represented 8.0%. This is down from the a year earlier when new home closings accounted for 9.6% of total closings. Following a year-over-year increase in February, closings of new and existing homes dropped year-over-year in March.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 15.4% bump year-over-year in March to $202,264 per unit. This boost compares to a 9.9% decline in February from a year earlier.
The average mortgage size on new homes moved north year-over-year along with new home prices. In March 2016, average mortgage size climbed 17.1% from a year earlier to $180,496. Average mortgage size fell 9.1% in February 2016 from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. The share of new home closings belonging to single-family homes rose from 83.1% in March 2015 to 88.6% of closings in March 2016. Conversely, the share of new home closings belonging to attached units fell to 11.4% of closings from 16.9% of closings.
Foreclosures and real estate owned (REO) closings fell in March from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for 29.8% of existing closings, lower than 30.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 17.5% in March from 15.4% a year earlier while REO closings as a percentage of existing home closings sank to 12.3% from 15.4% a year earlier.