In the Winchester, VA market in February, closings of new homes sank year-over-year, and the decline was by a larger percentage than the January 2016. New home closings moved from 29 a year earlier to 11 after the figure moved from 20 in January 2015 to 12 in January 2016.
A total of 333 new homes were sold during the 12 months that ended in February, down from 351 for the year that ended in January.
New home closings were 11 out of the 143 total closings, down on a percentage basis from 29 of 135 a year earlier. Following a fall in January year-over-year, closings of new and existing homes jumped year-over-year in February.
Pricing and Mortgage Trends
The average per-unit price of new homes was $320,266, compared with $351,084 last year. This followed a 15.0% lift in January year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $304,780 to $217,231. Average mortgage size on new homes went from $263,528 in January 2015 to $321,210 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.
The average unit size of newly sold homes fell from 3,123 square feet a year earlier to 1,672 square feet.
Foreclosures and real estate owned (REO) closings fell in February from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings accounted for 29.5% of existing home closings, down from 30.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 13.6% in February from 16.0% a year earlier while REO closings as a percentage of existing home closings increased to 15.9% from 14.2%.