In the Roanoke, VA market in January, new home closings dropped year-over-year, but the decline was less than the year-over-year decline in December. New home closings moved from 3 a year earlier to 2 after the figure moved from 10 in December 2014 to 1 in December 2015.

A total of 54 new homes were sold during the 12 months that ended in January, down from 55 for the year that ended in December.

2 of the 278 total closings were new home closings, a shift on a percentage basis from 3 out of 299 a year earlier. Following a year-over-year increase in December, closings of new and existing homes slid year-over-year in January.

Pricing and Mortgage Trends

The average per-unit price of new homes was $274,000, compared with $359,300 last year. This followed a more than twofold rise in December year-over-year.

Average mortgage size on new homes went from $104,787 a year earlier to $228,025. Average mortgage size on new homes went from $217,461 in December 2014 to $599,920 in December 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 fell from 2,356 square feet a year earlier to 1,997 square feet.

Foreclosures and real estate owned (REO) closings declined in January from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings accounted for 29.7% of existing home closings, below 35.5% a year earlier. The percentage of existing home closings involving foreclosures fell to 14.9% in January from 19.3% a year earlier while REO closings as a percentage of existing home closings declined to 14.9% from 16.2% a year earlier.

Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Roanoke, VA area.