In the Roanoke, VA market, new home closings dropped year-over-year in March, and the decline was by a larger percentage than the February 2016. New home closings moved from 8 a year earlier to 2 after the figure moved from 6 in February 2015 to 3 in February 2016.
A total of 45 new homes were sold during the 12 months that ended in March, down from 51 for the year that ended in February.
New home closings were 2 out of the 384 total closings, down on a percentage basis from 8 of 399 a year earlier. After rising year-over-year in February, closings of new and existing homes declined year-over-year in March.
Pricing and Mortgage Trends
The average new home price was $319,975, up from $276,707 a year earlier. This followed a 32.1% gain in February year-over-year.
From the year-ago figure of $233,371, the average mortgage size on new homes moved up to $295,183. Average mortgage size on new homes went from $179,093 in February 2015 to $372,995 in February 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 March 2016.
The average unit size of newly sold homes rose from 1,943 square feet a year earlier to 2,298 square feet.
Foreclosures and real estate owned (REO) closings continued to increase in March from a year earlier and remained a burden on the market. Together, foreclosures plus REO closings represented 31.7% of existing home closings, up from 22.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 14.7% in March from 8.7% a year earlier while REO closings as a percentage of existing home closings rose to 17.0% from 13.6%.