In the Harrisonburg, VA market in October, new home closings rose year-over-year,. Closings stood at 9 in October after being 6 a year earlier and remaining unchanged at 7 in September from a year earlier.
A total of 69 new homes were sold during the 12 months that ended in October, up from 66 for the year that ended in September.
New home closings were 9 out of the 169 total closings, a move on a percentage basis from 6 of 136 a year earlier. For new and existing homes, closings climbed year-over-year in October after also increasing in September year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $230,578, an increase from $183,639 a year earlier. This came after a 27.8% lift in September year-over-year.
Average mortgage size on new homes rose from $155,177 to $215,778. Average mortgage size on new homes went from $197,421 in September 2014 to $218,268 in September 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in October 2015.
Foreclosures and real estate owned (REO) closings rose in October from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 13.1% of existing home closings, up from 10.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 5.6% in October from 4.6% a year earlier while REO closings as a percentage of existing home closings rose to 7.5% from 5.4%.