In the Lynchburg, VA market in April, new home closings rose year-over-year, rebounding from a year-over-year decline in March 2016. New home closings moved from 10 a year earlier to 11 after the figure moved from 11 in March 2015 to 10 in March 2016.
A total of 106 new homes were sold during the 12 months that ended in April, up from 105 for the year that ended in March.
New home closings were 11 out of the 251 total closings, a move on a percentage basis from 10 of 254 a year earlier. For new and existing homes, closings declined in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $234,827, an increase from $192,777 a year earlier. This came after a 15.9% boost in March year-over-year.
Average mortgage size on new homes increased to $192,779 from $179,231 last year. Average mortgage size on new homes went from $181,644 in March 2015 to $233,881 in March 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 16.7% of existing closings, lower than 19.3% a year earlier. The percentage of existing home closings involving foreclosures went from 10.7% in April 2015 to 10.8% in April 2016 and REO closings as a percentage of existing home closings sank to 5.8% from 8.6% a year earlier.