In January, the Harrisonburg, VA market saw a drop year-over-year in new home closings, sliding after a growth in December 2015. New home closings moved from 5 a year earlier to none after the figure moved from 3 in December 2014 to 4 in December 2015.

On a percentage basis, new home closings as a part of total closings decreased to no part from 7.1% a year earlier. Following a year-over-year increase in December, closings of new and existing homes fell year-over-year in January.

Other Market Trends

There were no new home closings in January 2016, but average size of newly sold homes was 2,001 a year earlier.

Foreclosures and real estate owned (REO) closings continued to increase in January from a year earlier and stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for a quarter of existing home closings, up from 12.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 18.8% in January from no part a year earlier while REO closings as a percentage of existing home closings sank to 6.2% from 12.3% a year earlier.

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