In the Asheville, NC market, closings of new homes slid year-over-year in February, and the decline was by a larger percentage than the January 2016. New home closings moved from 18 a year earlier to 5 after the figure moved from 11 in January 2015 to 7 in January 2016.
A total of 183 new homes were sold during the 12 months that ended in February, down from 196 for the year that ended in January.
New home closings were 4.1% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 5 of the 448 total closings. Closings of new and existing homes increased year-over-year in February after also rising in January year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $227,900, compared with $241,894 last year. This followed a 19.8% drop in January from a year earlier.
Average mortgage size on new homes went from $192,577 a year earlier to $195,780. Average mortgage size on new homes went from $190,065 in January 2015 to $220,275 in January 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 fell from 1,895 square feet a year earlier to 1,771 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in February, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 13.3% of existing home closings, below 17.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 7.2% in February from 6.2% a year earlier while REO closings as a percentage of existing home closings fell to 6.1% from 11.7% a year earlier.