In the Lynchburg, VA market in March, closings of new homes sank year-over-year, but the decline was less than the year-over-year decline in February. New home closings moved from 11 a year earlier to 9 after the figure moved from 3 in February 2015 to 2 in February 2016.
A total of 103 new homes were sold during the 12 months that ended in March, down from 105 for the year that ended in February.
New home closings were 9 out of the 246 total closings, a move on a percentage basis from 11 of 267 a year earlier. Closings of new and existing homes saw a decline year-over-year in March after remaining steady in February year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $247,904 from last year's $215,449. This followed a more than twofold rise in February year-over-year.
The average mortgage size on new homes was $230,962, up from $181,644. Average mortgage size on new homes went from $129,950 in February 2015 to $405,503 in February 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 March 2016.
Together, foreclosures plus REO closings made up 21.5% of existing home closings. In March 2015, they made up 21.5%. The percentage of existing home closings involving foreclosures went from 8.6% in March 2015 to 8.9% in March 2016 and REO closings moved from 12.9% of existing home closings in March 2015 to 12.7% in March 2016.