In November, closings of new homes rose year-over-year in the Wilmington, NC market, shifting up after a fall in October 2012. New home closings saw a rise of 1.1% from the year earlier to 92 after closings slumped 27.9% in October from the year earlier.
A total of 1,076 new homes were sold during the 12 months that ended in November, up from 1,075 for the year that ended in October.
New home closings represented 12.2% of overall housing closings, down from the 13.5% of closings a year earlier. Following a year-over-year increase in October, closings of new and existing homes also jumped year-over-year in November.
Pricing and Mortgage Trends
The average price of new homes increased year-over-year 3.9% in November to $219,934 per unit. This rise is smaller than the 12.4% rise in October year-over-year.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. In November 2012, average mortgage size on new homes sold was $199,087, down 5.8% from a year earlier. In October 2012, average mortgage size on newly sold homes saw an 8.9% rise year-over-year from a year earlier. For new home closings, the percentage of the sale price that was being financed declined 9.2 percentage points year-over-year to 90.5% in November 2012.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. Single-family home closings gained from 87.9% of new closings in November 2011 to 98.9% of closings in November 2012. Meanwhile, attached units as a percentage of all new home closings sank to 1.1% of closings from 12.1% of closings.
For all new homes sold, the average unit size fell 6.8% year-over-year to 1,931 square feet in November 2012. For newly sold homes, an average size decline contrasting with an average price rise was also seen in October 2012 when the average size of newly sold homes dipped 6.8% to 1,636 square feet.
Foreclosures and real estate owned (REO) closings decreased in November from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings accounted for 34.3% of existing home closings, down from 46.5% a year earlier. The percentage of existing home closings involving foreclosures slid to 15.9% in November from 29.9% a year earlier while REO closings as a percentage of existing home closings rose to 18.3% from 16.5%.
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