There was a rise in closings of new homes in the Charlottesville, VA market in March year-over-year, rebounding from a year-over-year decline in February 2016. New home closings moved from 20 a year earlier to 21 after the figure moved from 19 in February 2015 to 14 in February 2016.
A total of 298 new homes were sold during the 12 months that ended in March, up from 297 for the year that ended in February.
Out of all housing closings, new home closings accounted for 7.6%. As a part of the whole, new home closings were 7.1% a year earlier. Following a year-over-year decline in February, closings of new and existing homes also dropped year-over-year in March.
Pricing and Mortgage Trends
In March, there was a 12.1% drop year-over-year in the average per-unit price of newly sold homes, settling at $406,135. This fall compares to a 21.6% bump in February year-over-year.
Average mortgage size on new homes saw a decline year-over-year in contrast to prices of new homes. It declined 4.6% in March from a year earlier, reaching $334,443. Average mortgage size on new homes went from $301,685 in February 2015 to $330,138 in February 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in March 2016. Single-family home closings have accounted for all of new home closings while attached unit closings have made up no part of closings.
The average unit size of newly sold homes dropped 16.1% year-over-year to 2,594 square feet in March 2016. The average size of newly sold homes moved from 2,615 square feet in February 2015 to 2,796 square feet in February 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 12.8% of existing home closings, down from 16.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 5.4% in March from 11.0% a year earlier while REO closings as a percentage of existing home closings jumped to 7.4% from 5.7%.