In November, the Jacksonville, NC market saw a drop year-over-year in new home closings, but the decline was less than the year-over-year decline in October. New home closings moved from 55 a year earlier to 16 after the figure moved from 80 in October 2014 to 13 in October 2015.
A total of 558 new homes were sold during the 12 months that ended in November, down from 597 for the year that ended in October.
Out of all housing closings, new home closings made up 7.0%. This is down from the 18.0% of closings a year earlier. For new and existing homes, closings dropped in November after also declining in October year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $203,819 per unit in November, up 5.7%from a year earlier. This bump is smaller than the 7.6% surge in October year-over-year.
The average mortgage size on newly sold homes saw a decline year-over-year in contrast to new home prices. It slid to $181,442 in November, a 4.7% drop. Average mortgage size on new homes went from $196,295 in October 2014 to $217,501 in October 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 November 2015. Single-family home closings have represented all of new home closings while attached unit closings have made up no part of closings.
The average unit size of newly sold homes declined 7.3% year-over-year to 1,856 square feet in November 2015. This drop was opposite the price bump, a pattern also seen in October 2015 when the average size of newly sold homes fell 2.8% to 1,983 square feet. In October, the average size of new homes sold went from 2,041 square feet a year earlier to 1,983 square feet.
Foreclosures and real estate owned (REO) closings declined in November from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 60.2% of closings, below 60.6% a year earlier. The percentage of existing home closings involving foreclosures dropped to 19.9% in November from 29.1% a year earlier while REO closings as a percentage of existing home closings grew to 40.3% from 31.5%.