In March, the Asheville, NC market saw a drop year-over-year in new home closings, but the decline was less than the year-over-year decline in February. New home closings moved from 18 a year earlier to 7 after the figure moved from 18 in February 2015 to 6 in February 2016.

A total of 173 new homes were sold during the 12 months that ended in March, down from 184 for the year that ended in February.

New home closings represented 7 out of the 576 total closings, which is a smaller percentage than the 18 of 594 total closings a year earlier. Following a year-over-year rise in February, closings of new and existing homes dropped year-over-year in March.

Pricing and Mortgage Trends

The average new home price was $220,143, down from $309,167 a year earlier. This was on the heels of a 3.6% decline in February from a year earlier.

Average mortgage size on new homes fell from $263,186 to $138,984. Average mortgage size on new homes went from $192,577 in February 2015 to $207,823 in February 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 2,167 square feet a year earlier to 2,132 square feet.

Foreclosures and real estate owned (REO) closings rose in March from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 13.7% of existing home closings, up from 13.5% a year earlier. The percentage of existing home closings involving foreclosures went from 4.9% in March 2015 to 5.8% in March 2016 and REO closings moved from 8.7% of existing home closings in March 2015 to 7.9% in March 2016.

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