In the Harrisonburg, VA market in October, closings of new homes rose year-over-year,. Closings stood at 9 in October after being 6 a year earlier and remaining unchanged at 7 in September from a year earlier.
A total of 69 new homes were sold during the 12 months that ended in October, up from 66 for the year that ended in September.
9 of the 169 total closings were new home closings, a shift on a percentage basis from 6 out of 136 a year earlier. Closings of new and existing homes climbed year-over-year in October after also rising in September year-over-year.
Pricing and Mortgage Trends
The average new home price was $230,578, up from $183,639 a year earlier. This was on the heels of a 27.8% gain in September year-over-year.
Average mortgage size on new homes increased to $215,778 from $155,177 last year. Average mortgage size on new homes went from $197,421 in September 2014 to $218,268 in September 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 October 2015.
Foreclosures and real estate owned (REO) closings rose in October from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 13.1% of existing home closings, up from 10.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 5.6% in October from 4.6% a year earlier while REO closings as a percentage of existing home closings increased to 7.5% from 5.4%.