In the Charlottesville, VA market in November, closings of new homes declined year-over-year, but the decline was less than the year-over-year decline in October. New home closings moved from 20 a year earlier to 17 after the figure moved from 25 in October 2014 to 4 in October 2015.
A total of 249 new homes were sold during the 12 months that ended in November, down from 252 for the year that ended in October.
New home closings made up 7.7% of overall housing closings. This is down from the a year earlier when new home closings accounted for 9.6% of total closings. Closings of new and existing homes jumped year-over-year in November following a drop in October year-over-year.
Pricing and Mortgage Trends
The average per-unit value of new homes dropped year-over-year to $390,157 in November, a fall of 3.1% from a year earlier. This fall compares to a 2.3% hike in October year-over-year.
The average mortgage size on newly sold homes saw a surge year-over-year in contrast to new home prices. In November 2015, the average mortgage size was $308,785, a 9.7% bump from a year earlier. Average mortgage size on new homes went from $337,801 in October 2014 to $295,262 in October 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2015. Single-family home closings have made up all of new home closings while attached unit closings have represented no part of closings.
For all new homes sold, the average unit size dropped 4.1% year-over-year to 2,415 square feet in November 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 13.7% of existing home closings, below 14.9% a year earlier. The percentage of existing home closings involving foreclosures went from 7.4% in November 2014 to 6.9% in November 2015 and REO closings moved from 7.4% of existing home closings in November 2014 to 6.9% in November 2015.