New home closings climbed year-over-year in March in the Hagerstown, MD market, rebounding from a year-over-year decline in February 2016. New home closings moved from 12 a year earlier to 13 after the figure moved from 8 in February 2015 to 7 in February 2016.

A total of 137 new homes were sold during the 12 months that ended in March, up from 136 for the year that ended in February.

13 of the 195 total closings were new home closings, a shift on a percentage basis from 12 out of 208 a year earlier. Following a year-over-year rise in February, closings of new and existing homes fell year-over-year in March.

Pricing and Mortgage Trends

The average price of new homes was $334,447, an increase from $273,946 a year earlier. This came after a 18.0% gain in February year-over-year.

From the year-ago figure of $229,547, the average mortgage size on new homes moved up to $277,164. Average mortgage size on new homes went from $269,257 in February 2015 to $288,604 in February 2016.

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 rose from 2,347 square feet a year earlier to 2,749 square feet.

Foreclosures and real estate owned (REO) closings decreased in March from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings made up 45.1% of existing home closings, below 55.1% a year earlier. The percentage of existing home closings involving foreclosures sank to 14.8% in March from 26.5% a year earlier while REO closings as a percentage of existing home closings climbed to 30.2% from 28.6%.

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