The Rocky Mount, NC market saw a drop in new home closings year-over-year in December, but the decline was less than the year-over-year decline in November. New home closings moved from 3 a year earlier to 2 after the figure moved from 3 in November 2014 to 1 in November 2015.
A total of 46 new homes were sold during the 12 months that ended in December, down from 47 for the year that ended in November.
New home closings represented 2 out of the 126 total closings, which is a smaller percentage than the 3 of 89 total closings a year earlier. Following a year-over-year increase in November, closings of new and existing homes also grew year-over-year in December.
Pricing and Mortgage Trends
The average price of new homes was $282,500, an increase from $208,167 a year earlier. This came after a 41.8% gain in November year-over-year.
Average mortgage size on new homes increased to $253,325 from $188,708 last year. Average mortgage size on new homes went from $175,419 in November 2014 to $275,488 in November 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 December 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in December, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 21.8% of existing home closings, down from 48.8% a year earlier. The percentage of existing home closings involving foreclosures sank to 14.5% in December from 20.9% a year earlier while REO closings as a percentage of existing home closings slid to 7.3% from 27.9% a year earlier.