In the Hickory, NC market in May, closings of new homes jumped year-over-year,. Closings stood at 9 in May after being 4 a year earlier and remaining unchanged at 6 in April from a year earlier.
A total of 50 new homes were sold during the 12 months that ended in May, up from 45 for the year that ended in April.
New home closings were 9 of the 439 total closings, up on a percentage basis from 4 of 409 a year earlier. Closings of new and existing homes gained year-over-year in May after also rising in April year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $252,956, an increase from $200,625 a year earlier. This came after a 91.2% boost in April year-over-year.
The average mortgage size on new homes was $184,172, up from $155,468. Average mortgage size on new homes went from $161,877 in April 2015 to $232,475 in April 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.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 19.1% of existing home closings, down from 27.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 8.4% in May from 12.8% a year earlier while REO closings as a percentage of existing home closings fell to 10.7% from 14.6% a year earlier.