New home closings in the Lynchburg, VA market rose year-over-year in August,. New home closings moved from 1 a year earlier to 8 after the figure moved from none in July 2014 to 9 in July 2015.
A total of 90 new homes were sold during the 12 months that ended in August, up from 83 for the year that ended in July.
New home closings were 8 out of 278 total closings, making up 2.9%. This is up on a percentage basis from 1 of 104 a year earlier. Closings of new and existing homes gained year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
The average new home price was $302,207, up from $127,845 a year earlier. This was on the heels of a shift to an average price of $185,256 in July 2015 after there were no closings in July 2014.
From the year-ago figure of $133,673, the average mortgage size on new homes moved up to $281,188.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in August 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 17.0% of existing closings, lower than 18.4% a year earlier. The percentage of existing home closings involving foreclosures fell to 8.5% in August from 14.6% a year earlier while REO closings as a percentage of existing home closings gained to 8.5% from 3.9%.