There was a rise in closings of new homes in the Blacksburg, VA market in March year-over-year, and the increase was greater than February 2016. New home closings moved from 1 a year earlier to 7 after the figure moved from 1 in February 2015 to 5 in February 2016.
A total of 97 new homes were sold during the 12 months that ended in March, up from 91 for the year that ended in February.
New home closings were 7 out of 209 total closings, making up 3.3%. This is up on a percentage basis from 1 of 188 a year earlier. For new and existing homes, closings jumped year-over-year in March after also increasing in February year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $300,466 from last year's $290,300. This followed a 17.7% bump in February year-over-year.
The average mortgage size on new homes was $243,354, up from $150,000.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes 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 18.3% of existing home closings, higher than 17.6% a year earlier. The percentage of existing home closings involving foreclosures sank to 8.9% in March from 11.2% a year earlier while REO closings as a percentage of existing home closings climbed to 9.4% from 6.4%.