New home closings in the Winchester, VA market dropped year-over-year in June, and the decline was by a larger percentage than the May 2016. New home closings moved from 26 a year earlier to 6 after the figure moved from 30 in May 2015 to 27 in May 2016.
A total of 361 new homes were sold during the 12 months that ended in June, down from 381 for the year that ended in May.
New home closings were 6 out of the 85 total closings, down on a percentage basis from 26 of 275 a year earlier. Following a year-over-year increase in May, closings of new and existing homes declined year-over-year in June.
Pricing and Mortgage Trends
The average new home price was $267,627, down from $317,479 a year earlier. This was on the heels of a period of little change in May from a year earlier.
The average mortgage size went down to $249,346 from $257,406 a year earlier. In May 2016, average mortgage size dropped 6.1% from a year earlier.
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 2,711 square feet a year earlier to 2,574 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 6.3% of closings, below 17.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 3.8% in June from 9.2% a year earlier while REO closings as a percentage of existing home closings fell to 2.5% from 8.0% a year earlier.