The Harrisonburg, VA market saw an increase in closings of new homes in February year-over-year, rebounding from a year-over-year decline in January 2016. New home closings moved from 2 a year earlier to 4 after the figure moved from 5 in January 2015 to 4 in January 2016.
A total of 74 new homes were sold during the 12 months that ended in February, up from 72 for the year that ended in January.
New home closings were 4 out of the 110 total closings, a move on a percentage basis from 2 of 60 a year earlier. For new and existing homes, closings rose year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $347,845 from $175,000 a year ago. This was on the heels of a 19.9% rise in January year-over-year.
Average mortgage size on new homes went from $177,253 a year earlier to $314,167. Average mortgage size on new homes went from $120,105 in January 2015 to $238,323 in January 2016.
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.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in February, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 9.4% of existing home closings, down from 13.8% a year earlier. The percentage of existing home closings involving foreclosures went from 5.2% in February 2015 to 4.7% in February 2016 and REO closings as a percentage of existing home closings fell to 4.7% from 8.6% a year earlier.