New home closings in the Hickory, NC market remained steady year-over-year in July, remaining relatively stable after moving north year-over-year in June from the year earlier. Closings remained level at 2 from a year earlier after the figure moved from 5 in June 2014 to 7 in June 2015.

Out of the 408 total closings, 2 were new home closings. This is consistent on a percentage basis with a year earlier. After rising year-over-year in June, closings of new and existing homes declined year-over-year in July.

Pricing and Mortgage Trends

The average new home price was $291,000, up from $260,000 a year earlier. This came after a 40.9% rise in June year-over-year.

Average mortgage size on new homes rose from $135,000 to $212,500. Average mortgage size on new homes went from $223,291 in June 2014 to $290,462 in June 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 July 2015.

Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 19.7% of existing closings, lower than 31.7% a year earlier. The percentage of existing home closings involving foreclosures dropped to 10.3% in July from 15.3% a year earlier while REO closings as a percentage of existing home closings sank to 9.4% from 16.5% a year earlier.

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