In the Lynchburg, VA market in June, new home closings climbed year-over-year, rebounding from a year-over-year decline in May 2016. New home closings moved from 10 a year earlier to 11 after the figure moved from 18 in May 2015 to 15 in May 2016.
A total of 104 new homes were sold during the 12 months that ended in June, up from 103 for the year that ended in May.
New home closings were 11 out of the 302 total closings, a move on a percentage basis from 10 of 298 a year earlier. Following a year-over-year increase in May, closings of new and existing homes also jumped year-over-year in June.
Pricing and Mortgage Trends
The average new home value went from $190,102 last year to $256,831. This was on the heels of a 33.5% hike in May year-over-year.
The average mortgage size on new homes was $234,147, up from $168,313. In May 2016, average mortgage size on newly sold homes saw a 41.3% boost year-over-year from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in June 2016.
Foreclosures and real estate owned (REO) closings rose in June from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 19.9% of existing home closings, up from 16.3% a year earlier. The percentage of existing home closings involving foreclosures went from 8.3% in June 2015 to 9.3% in June 2016 and REO closings as a percentage of existing home closings rose to 10.7% from 8.0%.