In February, the Lynchburg, VA market saw a fall year-over-year in new home closings, falling after a rise in January 2016. New home closings moved from 3 a year earlier to 2 after the figure moved from 5 in January 2015 to 6 in January 2016.
A total of 100 new homes were sold during the 12 months that ended in February, down from 101 for the year that ended in January.
New home closings were 2 out of the 179 total closings, a move on a percentage basis from 3 of 183 a year earlier. Closings of new and existing homes declined year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $405,209 from $175,800 a year ago. This came after a 24.2% decline in January from a year earlier.
Average mortgage size on new homes increased to $405,503 from $129,950 last year. Average mortgage size on new homes went from $269,709 in January 2015 to $199,679 in January 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 February 2016.
Foreclosures and real estate owned (REO) closings rose in February from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 22.6% of existing home closings, higher than 19.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 13.6% in February from 11.1% a year earlier and REO closings moved from 8.3% of existing home closings in February 2015 to 9.0% in February 2016.