In the Fayetteville, NC market, new home closings slid year-over-year in May, but the decline was less than the year-over-year decline in April. New home closings moved from 66 a year earlier to 14 after the figure moved from 72 in April 2015 to 11 in April 2016.
A total of 288 new homes were sold during the 12 months that ended in May, down from 340 for the year that ended in April.
New home closings were 14 out of the 496 total closings, down on a percentage basis from 66 of 499 a year earlier. Closings of new and existing homes remained steady in May after falling in April year-over-year.
Pricing and Mortgage Trends
The average new home price was $246,036, up from $238,765 a year earlier. This came after a 6.2% surge in April year-over-year.
Average mortgage size on new homes went from $232,758 a year earlier to $238,840. Average mortgage size on new homes went from $232,994 in April 2015 to $227,128 in April 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes rose from 2,576 square feet a year earlier to 2,700 square feet.
Foreclosures and real estate owned (REO) closings declined in May from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings accounted for 41.7% of existing home closings, down from 42.5% a year earlier. The percentage of existing home closings involving foreclosures dropped to 17.4% in May from 21.7% a year earlier while REO closings as a percentage of existing home closings grew to 24.3% from 20.8%.