In the Goldsboro, NC market in April, closings of new homes sank year-over-year, and the decline was by a larger percentage than the March 2016. New home closings moved from 15 a year earlier to 5 after the figure moved from 16 in March 2015 to 7 in March 2016.
A total of 119 new homes were sold during the 12 months that ended in April, down from 129 for the year that ended in March.
New home closings represented 5 out of the 112 total closings, which is a smaller percentage than the 15 of 134 total closings a year earlier. Following a year-over-year rise in March, closings of new and existing homes fell year-over-year in April.
Pricing and Mortgage Trends
The average per-unit price of new homes was $179,800, compared with $184,240 last year. This followed a 26.1% gain in March year-over-year.
There was a decline in average mortgage size on new homes, going from $181,673 last year to $175,094 in April 2016. Average mortgage size on new homes went from $167,383 in March 2015 to $188,035 in March 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings continued to increase in April from a year earlier and remained a drag on the market. Foreclosures and REO closings, taken together, accounted for 38.3% of existing home closings, higher than 33.6% a year earlier. The percentage of existing home closings involving foreclosures went from 20.2% in April 2015 to 20.6% in April 2016 and REO closings as a percentage of existing home closings jumped to 17.8% from 13.4%.