In the Rocky Mount, NC market in January, closings of new homes fell year-over-year, and the decline was by a larger percentage than the December 2015. New home closings moved from 6 a year earlier to 2 after the figure moved from 3 in December 2014 to 2 in December 2015.
A total of 42 new homes were sold during the 12 months that ended in January, down from 46 for the year that ended in December.
On a percentage basis, new home closings as a part of total closings decreased to 2.3% from 7.0% a year earlier. For new and existing homes, closings climbed year-over-year in January after also increasing in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $214,250, an increase from $205,833 a year earlier. This came after a 35.7% boost in December year-over-year.
Average mortgage size on new homes rose from $199,057 to $206,216. Average mortgage size on new homes went from $188,708 in December 2014 to $253,325 in December 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in January 2016.
The average unit size of newly sold homes rose from 1,771 square feet a year earlier to 1,898 square feet.
Foreclosures and real estate owned (REO) closings fell in January from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, made up 41.2% of existing closings, lower than 60.0% a year earlier. The percentage of existing home closings involving foreclosures dropped to 20.0% in January from 26.2% a year earlier while REO closings as a percentage of existing home closings sank to 21.2% from 33.8% a year earlier.