Closings of new homes in the Hickory, NC market remained unchanged year-over-year in April, remaining unchanged after minimal movement in March from the year earlier. Closings remained steady at 6 from a year earlier after being level at 3 in March from the year earlier.
A total of 45 new homes were sold during the 12 months that ended in April, equal to the number of new homes sold for the year that ended in March.
Out of the 426 total closings, 6 were new home closings. This is consistent on a percentage basis with a year earlier. Following a year-over-year increase in March, closings of new and existing homes also jumped year-over-year in April.
Pricing and Mortgage Trends
The average new home value went from $162,333 last year to $310,333. This followed a 3.8% surge in March year-over-year.
Average mortgage size on new homes went from $161,877 a year earlier to $232,475. Average mortgage size on new homes went from $154,633 in March 2015 to $230,869 in March 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 rose from 1,728 square feet a year earlier to 1,783 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 18.3% of existing home closings, down from 28.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 10.0% in April from 13.9% a year earlier while REO closings as a percentage of existing home closings slid to 8.3% from 14.4% a year earlier.