In the Greenville, NC market, new home closings declined year-over-year in February, but the decline was less than the year-over-year decline in January. New home closings moved from 14 a year earlier to 13 after the figure moved from 21 in January 2015 to 19 in January 2016.
A total of 279 new homes were sold during the 12 months that ended in February, down from 280 for the year that ended in January.
Last year, 14 of 167 total closings were new homes, and this percentage saw a decline as new home closings this year made up 13 of the 201 total closings. Following a fall in January year-over-year, closings of new and existing homes increased year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $260,154, up from $181,321 a year earlier. This followed a 13.3% drop in January from a year earlier.
Average mortgage size on new homes went from $175,187 a year earlier to $237,205. In January 2016, average mortgage size on newly sold homes saw a 8.6% fall from a year earlier.
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 1,950 square feet a year earlier to 2,431 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in February, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 23.4% of existing closings, lower than 32.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 12.8% in February from 21.6% a year earlier and REO closings moved from 11.1% of existing home closings in February 2015 to 10.6% in February 2016.