In the Goldsboro, NC market, closings of new homes slid year-over-year in March, and the decline was by a larger percentage than the February 2016. New home closings moved from 16 a year earlier to 7 after the figure moved from 15 in February 2015 to 9 in February 2016.
A total of 129 new homes were sold during the 12 months that ended in March, down from 138 for the year that ended in February.
New home closings were 7 out of the 137 total closings, down on a percentage basis from 16 of 125 a year earlier. After dropping in February from a year earlier, closings of new and existing homes climbed year-over-year in March.
Pricing and Mortgage Trends
The average new home value went from $156,156 last year to $196,857. This followed a 44.5% rise in February year-over-year.
From the year-ago figure of $167,383, the average mortgage size on new homes moved up to $188,035. Average mortgage size on new homes went from $182,010 in February 2015 to $234,720 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 rose from 1,561 square feet a year earlier to 1,740 square feet.
Foreclosures and real estate owned (REO) closings fell in March from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for 27.7% of existing closings, lower than 36.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 13.8% in March from 20.2% a year earlier while REO closings as a percentage of existing home closings fell to 13.8% from 16.5% a year earlier.