In the Reno, NV market, closings of new homes declined year-over-year in November, moving south after a rise in October 2015. New home closings saw a drop of 1.2% from the year earlier to 82. This followed a 12.7% boost year-over-year in October.
A total of 1,439 new homes were sold during the 12 months that ended in November, down from 1,440 for the year that ended in October.
New home closings made up 12.5% of overall housing closings. This is an increase on a percentage basis, as new home closings were 11.0% of total closings a year ago. For new and existing homes, closings dropped in November after also declining in October year-over-year.
Pricing and Mortgage Trends
In November, the average price of newly sold homes gained 2.5% year-over-year to $389,471 per unit. This lift is smaller than the 9.4% hike in October year-over-year.
Average mortgage size on new homes gained year-over-year along with new home prices. It increased to $297,700 in November, a 1.9% bump. In October 2015, average mortgage size on newly sold homes saw a 9.2% hike year-over-year from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have grown from last year while single-family home closings have dropped. Attached unit closings jumped from 2.4% of all closings in November 2014 to 8.5% of closings in November 2015. Meanwhile, single-family home closings as a percentage of all new home closings sank to 91.5% of closings from 97.6% of closings.
There was a move in the average unit size of newly sold homes from 2,328 square feet in November 2014 to 2,322 square feet in November 2015. In October 2015, the average size of newly sold homes rose 5.2% from the year earlier. In October, the average size of new homes sold went from 2,349 square feet a year earlier to 2,472 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 15.7% of existing closings, lower than 16.7% a year earlier. The percentage of existing home closings involving foreclosures fell to 7.7% in November from 10.0% a year earlier while REO closings as a percentage of existing home closings climbed to 8.0% from 6.7%.