In the Roanoke, VA market in November, new home closings sank year-over-year, and the decline was by a larger percentage than the October 2015. New home closings moved from 8 a year earlier to 2 after the figure moved from 11 in October 2014 to 5 in October 2015.
A total of 63 new homes were sold during the 12 months that ended in November, down from 69 for the year that ended in October.
On a percentage basis, new home closings as a part of total closings decreased to 0.6% from 2.9% a year earlier. Following a year-over-year increase in October, closings of new and existing homes also rose year-over-year in November.
Pricing and Mortgage Trends
The average price of new homes was $284,500, an increase from $262,443 a year earlier. This came after a 5.5% hike in October year-over-year.
Average mortgage size on new homes stayed at $243,928 from a year earlier. It went from $173,529 to $174,202 from October 2014 to October 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.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in November, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 24.9% of closings, below 29.3% a year earlier. The percentage of existing home closings involving foreclosures dropped to 10.5% in November from 17.3% a year earlier while REO closings as a percentage of existing home closings jumped to 14.4% from 12.0%.