The Hagerstown, MD market saw no change in new home closings year-over-year in October, staying level after a year-over-year increase in September from a year earlier. Closings remained level at 12 from a year earlier after the figure moved from 5 in September 2014 to 9 in September 2015.
A total of 127 new homes were sold during the 12 months that ended in October, equal to the number of new homes sold for the year that ended in September.
12 of the 203 total closings were new home closings, a shift on a percentage basis from 12 out of 238 a year earlier. Following a year-over-year rise in September, closings of new and existing homes declined year-over-year in October.
Pricing and Mortgage Trends
The average price of new homes was $307,446, an increase from $275,563 a year earlier. This was on the heels of a 15.5% rise in September year-over-year.
There was a decline in average mortgage size on new homes, going from $264,067 last year to $257,345 in October 2015. Average mortgage size on new homes went from $214,546 in September 2014 to $249,777 in September 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in October 2015.
Foreclosures and real estate owned (REO) closings decreased in October from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, represented 36.1% of existing closings, lower than 46.0% a year earlier. The percentage of existing home closings involving foreclosures dropped to 10.5% in October from 25.7% a year earlier while REO closings as a percentage of existing home closings climbed to 25.7% from 20.4%.