In June, closings of new homes in the Asheville, NC market rose year-over-year, rebounding from a year-over-year decline in May 2015. New home closings moved from 8 a year earlier to 11 after the figure moved from 8 in May 2014 to 3 in May 2015.
A total of 84 new homes were sold during the 12 months that ended in June, up from 81 for the year that ended in May.
New home closings were 11 out of the 744 total closings, a move on a percentage basis from 8 of 741 a year earlier. After falling in May from a year earlier, closings of new and existing homes stayed steady in June.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $230,864 from $218,125 a year ago. This followed a 24.3% rise in May year-over-year.
Average mortgage size on new homes increased to $204,919 from $181,097 last year. Average mortgage size on new homes went from $208,828 in May 2014 to $287,952 in May 2015.
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.
The average unit size of newly sold homes rose from 1,890 square feet a year earlier to 2,202 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 11.5% of existing closings, lower than 14.9% a year earlier. The percentage of existing home closings involving foreclosures went from 6.3% in June 2014 to 5.6% in June 2015 and REO closings as a percentage of existing home closings sank to 5.9% from 8.6% a year earlier.