In the Winchester, VA market in November, closings of new homes grew year-over-year, and the increase was greater than October 2015. New home closings moved from 13 a year earlier to 35 after the figure moved from 21 in October 2014 to 23 in October 2015.
A total of 336 new homes were sold during the 12 months that ended in November, up from 314 for the year that ended in October.
New home closings were 35 out of 151 total closings, making up 23.2%. This is up on a percentage basis from 13 of 153 a year earlier. Closings of new and existing homes fell year-over-year in November after also falling in October year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $345,355 from last year's $320,674. This followed a 14.3% lift in October year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $269,806 to $256,995. In October 2015, average mortgage size rose 17.6% from a year earlier.
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 2,634 square feet a year earlier to 2,332 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in November, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 23.3% of existing home closings, below 25.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 2.6% in November from 16.4% a year earlier while REO closings as a percentage of existing home closings increased to 20.7% from 9.3%.