In the Hickory, NC market, new home closings slid year-over-year in December, falling after a rise in November 2015. New home closings moved from 5 a year earlier to 3 after the figure moved from 3 in November 2014 to 4 in November 2015.
A total of 47 new homes were sold during the 12 months that ended in December, down from 49 for the year that ended in November.
3 of the 421 total closings were new home closings, a shift on a percentage basis from 5 out of 386 a year earlier. Closings of new and existing homes gained year-over-year in December after also rising in November year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in December 2015 was $230,667, down from last year's $308,300. This was on the heels of a 36.5% fall in November from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $258,755 to $218,415. Average mortgage size went from $188,500 in November 2014 to $190,141 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.
The average unit size of newly sold homes fell from 2,406 square feet a year earlier to 2,376 square feet.
Foreclosures and real estate owned (REO) closings fell in December from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings accounted for 25.8% of existing home closings, down from 34.9% a year earlier. The percentage of existing home closings involving foreclosures declined to 9.8% in December from 18.4% a year earlier and REO closings moved from 16.5% of existing home closings in December 2014 to 16.0% in December 2015.