In April, the Blacksburg, VA market saw a drop year-over-year in new home closings, falling after a rise in March 2016. New home closings moved from 12 a year earlier to 5 after the figure moved from 1 in March 2015 to 7 in March 2016.

A total of 90 new homes were sold during the 12 months that ended in April, down from 97 for the year that ended in March.

New home closings were 5 out of the 202 total closings, down on a percentage basis from 12 of 206 a year earlier. After rising year-over-year in March, closings of new and existing homes declined year-over-year in April.

Pricing and Mortgage Trends

The average new home value went from $299,568 last year to $424,019. This was on the heels of a 3.5% lift in March year-over-year.

From the year-ago figure of $192,036, the average mortgage size on new homes moved up to $353,200. Average mortgage size on new homes went from $150,000 in March 2015 to $243,354 in March 2016.

Other Market Trends

There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.

The average unit size of newly sold homes rose from 1,992 square feet a year earlier to 3,182 square feet.

Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 13.7% of existing closings, lower than 14.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 7.6% in April from 5.7% a year earlier while REO closings as a percentage of existing home closings sank to 6.1% from 9.3% a year earlier.

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