Closings of new homes climbed year-over-year in November in the Lynchburg, VA market, but the increase was less than October 2015. New home closings moved from 7 a year earlier to 9 after the figure moved from 3 in October 2014 to 9 in October 2015.
A total of 100 new homes were sold during the 12 months that ended in November, up from 98 for the year that ended in October.
New home closings were 9 out of the 233 total closings, a move on a percentage basis from 7 of 213 a year earlier. For new and existing homes, closings climbed year-over-year in November after also increasing in October year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $320,300, an increase from $235,643 a year earlier. This followed a 7.8% drop in October from a year earlier.
Average mortgage size on new homes increased to $253,829 from $206,942 last year. Average mortgage size on new homes went from $254,768 in October 2014 to $237,254 in October 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2015.
Foreclosures and real estate owned (REO) closings continued to increase in November from a year earlier and remained a drag on the market. Foreclosures and REO closings, taken together, accounted for 25.9% of existing home closings, higher than 18.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 15.2% in November from 12.1% a year earlier while REO closings as a percentage of existing home closings increased to 10.7% from 6.8%.