Closings of new homes in the Winchester, VA market declined year-over-year in August, swinging downward off a year-over-year bump in July 2015. New home closings saw a fall of 34.8% from the year earlier to 15. This came on the heels of a 57.9% jump year-over-year in July.
A total of 277 new homes were sold during the 12 months that ended in August, down from 285 for the year that ended in July.
As a percentage of overall housing closings, new home closings represented 11.1%. This is a decline 12.8% of closings a year earlier. Following a year-over-year increase in July, closings of new and existing homes declined year-over-year in August.
Pricing and Mortgage Trends
In August, there was a 5.4% lift year-over-year in the average price of newly sold homes, reaching $340,115 per unit. This bump compares to a 3.5% fall in July from a year earlier.
There was a bump year-over-year in the average mortgage size on new homes along with new home prices. It climbed to $280,544 in August, a 9.3% rise. In July 2015, average mortgage size on newly sold homes saw a 2.7% drop from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. The share of new home closings belonging to single-family homes climbed from 65.2% in August 2014 to 66.7% of closings in August 2015. Meanwhile, attached units as a percentage of all new home closings dropped to 33.3% of closings from 34.8% of closings.
The average unit size of newly sold homes dropped 6.9% year-over-year to 2,468 square feet in August 2015. In July, the average size of new homes sold went from 2,906 square feet a year earlier to 2,450 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 15.0% of closings, below 19.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 6.7% in August from 10.9% a year earlier while REO closings as a percentage of existing home closings stayed level at 8.3%.