In the Winchester, VA market in July, new home closings rose year-over-year, moving up after seeing little change in June from the year earlier. Closings climbed 26.3% from a year earlier to 24. Closings were unchanged in June from the year earlier.
A total of 270 new homes were sold during the 12 months that ended in July, up from 265 for the year that ended in June.
Out of all housing closings, new home closings accounted for 11.9%. A year ago, 11.2% of total closings were new home closings. For new and existing homes, closings rose year-over-year in July after also increasing in June year-over-year.
Pricing and Mortgage Trends
In July, there was a 9.1% drop year-over-year in the average per-unit price of newly sold homes, settling at $312,425. This fall is larger than the 7.9% decline in June from a year earlier.
Average mortgage size on new homes dropped year-over-year in contrast to new home prices. In July 2015, the average mortgage size on newly sold homes saw a 9.1% fall from a year earlier. In June 2015, average mortgage size on newly sold homes saw a 15.6% fall from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen. The share of new home closings belonging to attached units gained from 21.1% of closings in July 2014 to 45.8% of closings in July 2015. Meanwhile, single-family home closings as a percentage of all new home closings declined to 54.2% of closings from 78.9% of closings.
For all new homes sold, the average unit size slid 19.8% year-over-year to 2,330 square feet in July 2015. In June, the average size of new homes sold went from 2,918 square feet a year earlier to 2,668 square feet. A decrease in both the average size and price of newly sold homes was also seen in June 2015 when the average size grew 8.6% to 2,668 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 9.6% of existing closings, lower than 23.3% a year earlier. The percentage of existing home closings involving foreclosures sank to 3.4% in July from 12.0% a year earlier while REO closings as a percentage of existing home closings dropped to 6.2% from 11.3% a year earlier.