New home closings in the Hickory, NC market remained steady year-over-year in April, staying stable after little movement in March. Closings were unchanged at 6 from a year earlier after remaining steady at 3 in March from the year earlier.
A total of 45 new homes were sold during the 12 months that ended in April, equal to the number of new homes sold for the year that ended in March.
New home closings were 6 out of the 426 total closings, same on a percentage basis as a year earlier. Closings of new and existing homes rose year-over-year in April after also rising in March year-over-year.
Pricing and Mortgage Trends
The average new home value went from $162,333 last year to $310,333. This came after a 3.8% lift in March year-over-year.
Average mortgage size on new homes increased to $232,475 from $161,877 last year. Average mortgage size on new homes went from $154,633 in March 2015 to $230,869 in March 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 1,728 square feet a year earlier to 1,783 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 18.3% of existing closings, lower than 28.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 10.0% in April from 13.9% a year earlier while REO closings as a percentage of existing home closings fell to 8.3% from 14.4% a year earlier.