New home closings grew year-over-year in March in the Harrisonburg, VA market, but the increase was less than February 2016. New home closings moved from 8 a year earlier to 12 after the figure moved from 2 in February 2015 to 7 in February 2016.
A total of 91 new homes were sold during the 12 months that ended in March, up from 87 for the year that ended in February.
New home closings were 12 out of the 145 total closings, a move on a percentage basis from 8 of 98 a year earlier. Closings of new and existing homes grew year-over-year in March after also rising in February year-over-year.
Pricing and Mortgage Trends
The average new home price was $249,378, up from $190,074 a year earlier. This followed a 77.6% rise in February year-over-year.
Average mortgage size on new homes went from $158,945 a year earlier to $216,545. Average mortgage size on new homes went from $177,253 in February 2015 to $273,815 in February 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings increased in March from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 17.3% of existing home closings, higher than 10.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.3% in March from 1.1% a year earlier while REO closings as a percentage of existing home closings sank to 6.0% from 8.9% a year earlier.