The Charlottesville, VA market saw an increase in closings of new homes in August year-over-year, rebounding from a year-over-year decline in July 2015. New home closings moved from 6 a year earlier to 9 after the figure moved from 18 in July 2014 to 6 in July 2015.

A total of 185 new homes were sold during the 12 months that ended in August, up from 182 for the year that ended in July.

9 of the 295 total closings were new home closings, a shift on a percentage basis from 6 out of 211 a year earlier. Following a year-over-year increase in July, closings of new and existing homes also grew year-over-year in August.

Pricing and Mortgage Trends

The average new home price was $444,466, down from $485,085 a year earlier. This followed a 5.3% fall in July from a year earlier.

Average mortgage size on new homes fell from $509,252 to $323,173. Average mortgage size on new homes went from $295,090 in July 2014 to $222,187 in July 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 2,415 square feet a year earlier to 2,072 square feet.

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 15.0% of closings, below 16.1% a year earlier. The percentage of existing home closings involving foreclosures went from 9.8% in August 2014 to 9.1% in August 2015 and REO closings moved from 6.3% of existing home closings in August 2014 to 5.9% in August 2015.

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