In November, closings of new homes in the Hagerstown, MD market jumped year-over-year,. Closings stood at 15 in November after being 13 a year earlier and remaining unchanged at 12 in October from a year earlier.
A total of 129 new homes were sold during the 12 months that ended in November, up from 127 for the year that ended in October.
15 of the 182 total closings were new home closings, a shift on a percentage basis from 13 out of 176 a year earlier. Following a decline in October year-over-year, closings of new and existing homes increased year-over-year in November.
Pricing and Mortgage Trends
The average new home price was $311,531, up from $274,636 a year earlier. This was on the heels of a 11.6% lift in October year-over-year.
The average mortgage size moved to $247,449, down from last year's $251,225. Average mortgage size on new homes went from $264,067 in October 2014 to $257,345 in October 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes fell from 2,560 square feet a year earlier to 2,192 square feet.
Foreclosures and real estate owned (REO) closings fell in November from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings represented 41.3% of existing home closings, down from 47.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 19.2% in November from 27.0% a year earlier while REO closings as a percentage of existing home closings grew to 22.2% from 20.2%.