There was an increase in closings of new homes in the Harrisonburg, VA market in April year-over-year, and the increase was similar to March 2016. New home closings moved from 8 a year earlier to 12 after the figure moved from 8 in March 2015 to 12 in March 2016.
A total of 95 new homes were sold during the 12 months that ended in April, up from 91 for the year that ended in March.
12 of the 171 total closings were new home closings, a shift on a percentage basis from 8 out of 120 a year earlier. Following a year-over-year increase in March, closings of new and existing homes also grew year-over-year in April.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $227,873, down from last year's $293,238. This came after a 31.2% gain in March year-over-year.
Average mortgage size on new homes fell from $240,636 to $195,939. Average mortgage size on new homes went from $158,945 in March 2015 to $216,545 in March 2016.
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.
The average unit size of newly sold homes fell from 3,133 square feet a year earlier to 1,829 square feet.
Foreclosures and real estate owned (REO) closings rose in April from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings made up 13.8% of existing home closings, up from 7.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 8.8% in April from 1.8% a year earlier and REO closings moved from 5.4% of existing home closings in April 2015 to 5.0% in April 2016.