There was a rise in new home closings in the Lynchburg, VA market in August year-over-year,. New home closings moved from 1 a year earlier to 8 after the figure moved from none in July 2014 to 9 in July 2015.
A total of 90 new homes were sold during the 12 months that ended in August, up from 83 for the year that ended in July.
New home closings were 8 of the 278 total closings, up on a percentage basis from 1 of 104 a year earlier. Closings of new and existing homes gained year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
The average new home value went from $127,845 last year to $302,207. This followed a set of periods with no new home closings in both July 2015 or July 2014.
Average mortgage size on new homes rose from $133,673 to $281,188.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 17.0% of existing home closings, down from 18.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 8.5% in August from 14.6% a year earlier while REO closings as a percentage of existing home closings increased to 8.5% from 3.9%.