In November, the Greensboro, NC market saw a drop year-over-year in new home closings, but the percentage drop narrowed from that of October 2015, suggesting that the market may be leveling out. New home closings saw a 8.3% decline from a year earlier to 66. This came on the heels of a 22.0% fall year-over-year in October.
A total of 1,003 new homes were sold during the 12 months that ended in November, down from 1,009 for the year that ended in October.
As a percentage of overall housing closings, new home closings made up 8.6% of overall housing closings. A year ago, 9.6% of total closings were new home closings. Following a year-over-year increase in October, closings of new and existing homes also rose year-over-year in November.
Pricing and Mortgage Trends
For newly sold homes, the average price increased 5.3% year-over-year in November to $222,880 per unit. This hike is smaller than the 7.8% gain in October year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In November 2015, the average mortgage size was $198,517, a 5.3% lift from a year earlier. In October 2015, average mortgage size gained 13.8% from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have grown from last year while closings of single-family homes have fallen. The share of new home closings belonging to attached units jumped from 18.1% of closings in November 2014 to 31.8% of closings in November 2015. At the same time, the share belonging to single-family homes declined to 68.2% of closings from 81.9% of closings.
There was a 12.7% surge year-over-year in the average unit size of newly sold homes to 2,639 square feet in November 2015. The average size of newly sold homes moved from 2,354 square feet in October 2014 to 2,243 square feet in October 2015.
Foreclosures and real estate owned (REO) closings fell in November from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, made up 28.7% of existing closings, lower than 29.0% a year earlier. The percentage of existing home closings involving foreclosures went from 14.6% in November 2014 to 14.3% in November 2015 and REO closings as a percentage of existing home closings stayed level at 14.4%.