There was an increase in new home closings in the Hagerstown, MD market in April year-over-year, and the increase was greater than March 2016. New home closings moved from 9 a year earlier to 10 after the figure moved from 12 in March 2015 to 13 in March 2016.
A total of 139 new homes were sold during the 12 months that ended in April, up from 138 for the year that ended in March.
New home closings were 10 out of the 211 total closings, a move on a percentage basis from 9 of 203 a year earlier. Following a decline in March year-over-year, closings of new and existing homes grew year-over-year in April.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $276,565, down from last year's $301,334. This was on the heels of a 22.1% hike in March year-over-year.
Average mortgage size on new homes fell from $254,754 to $235,842. Average mortgage size on new homes went from $229,547 in March 2015 to $277,164 in March 2016.
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 2,792 square feet a year earlier to 2,572 square feet.
Foreclosures and real estate owned (REO) closings decreased in April from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings represented 28.9% of existing home closings, below 46.9% a year earlier. The percentage of existing home closings involving foreclosures declined to 6.5% in April from 18.6% a year earlier while REO closings as a percentage of existing home closings sank to 22.4% from 28.4% a year earlier.