In the Harrisonburg, VA market in December, closings of new homes fell year-over-year, and the decline was by a larger percentage than the November 2015. New home closings moved from 3 a year earlier to 1 after the figure moved from 6 in November 2014 to 4 in November 2015.
A total of 68 new homes were sold during the 12 months that ended in December, down from 70 for the year that ended in November.
New home closings were 3.2% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 1 of the 48 total closings. Closings of new and existing homes declined year-over-year in December after also falling in November year-over-year.
Pricing and Mortgage Trends
The average new home price was $270,500, up from $163,583 a year earlier. This followed a 7.6% decline in November from a year earlier.
From the year-ago figure of $155,297, the average mortgage size on new homes moved up to $276,315. Average mortgage size on new homes went from $164,122 in November 2014 to $168,635 in November 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes rose from 1,280 square feet a year earlier to 2,526 square feet.
Foreclosures and real estate owned (REO) closings rose in December from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 17.0% of existing home closings, up from 13.2% a year earlier. The percentage of existing home closings involving foreclosures rose to 8.5% in December from 4.4% a year earlier and REO closings moved from 8.8% of existing home closings in December 2014 to 8.5% in December 2015.