The Jacksonville, NC market saw a drop in new home closings year-over-year in September, and the market seemed to be weakening with a percentage drop steeper than in August 2015. There was a 67.2% fall in new home closings from a year earlier. This came after a 38.5% drop year-over-year in August.
A total of 662 new homes were sold during the 12 months that ended in September, down from 707 for the year that ended in August.
Out of all housing closings, new home closings made up 7.0%. This is a drop 17.2% of closings a year earlier. Following a year-over-year decline in August, closings of new and existing homes also fell year-over-year in September.
Pricing and Mortgage Trends
Average price of newly sold homes had a 7.3% hike year-over-year to $211,782 per unit in September. This gain is higher than the 5.7% rise in August year-over-year.
In September 2015, average mortgage size on newly sold homes moved from $200,176 to $201,878 from September 2014. In August 2015, average mortgage size climbed 4.2% from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015. Single-family home closings have made up all of new home closings while attached unit closings have accounted for no part of closings.
There was a 18.2% surge year-over-year in the average unit size of newly sold homes to 2,360 square feet in September 2015. The average size of newly sold homes moved from 1,903 square feet in August 2014 to 1,922 square feet in August 2015.
Foreclosures and real estate owned (REO) closings fell in September from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for 51.5% of existing closings, lower than 56.0% a year earlier. The percentage of existing home closings involving foreclosures fell to 25.3% in September from 27.2% a year earlier while REO closings as a percentage of existing home closings slid to 26.3% from 28.8% a year earlier.