New home closings slid year-over-year in July in the Roanoke, VA market, and the decline was by a larger percentage than the June 2015. New home closings moved from 10 a year earlier to 4 after the figure moved from 11 in June 2014 to 8 in June 2015.
A total of 82 new homes were sold during the 12 months that ended in July, down from 88 for the year that ended in June.
New home closings represented 4 out of the 433 total closings, which is a smaller percentage than the 10 of 437 total closings a year earlier. After new and existing closings jumped in June year-over-year, they stayed level in July.
Pricing and Mortgage Trends
The average new home price was $273,307, down from $284,812 a year earlier. This came after a 56.5% lift in June year-over-year.
The average mortgage size moved to $174,051, down from last year's $236,078. Average mortgage size on new homes went from $182,356 in June 2014 to $248,406 in June 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 1,951 square feet a year earlier to 1,738 square feet.
Foreclosures and real estate owned (REO) closings rose in July from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 22.1% of existing home closings, higher than 19.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 12.1% in July from 11.0% a year earlier while REO closings as a percentage of existing home closings rose to 10.0% from 8.4%.