Closings of new homes declined year-over-year in December in the Roanoke, VA market, and the decline was by a larger percentage than the November 2015. New home closings moved from 9 a year earlier to 1 after the figure moved from 8 in November 2014 to 2 in November 2015.
A total of 55 new homes were sold during the 12 months that ended in December, down from 63 for the year that ended in November.
New home closings were 2.6% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 1 of the 344 total closings. For new and existing homes, closings climbed year-over-year in December after also increasing in November year-over-year.
Pricing and Mortgage Trends
The average new home value went from $306,758 last year to $749,900. This was on the heels of a 8.4% hike in November year-over-year.
The average mortgage size on new homes was $599,920, up from $223,394. In November 2015, average mortgage size remained level from a year earlier at $244,154.
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 rise in December from a year earlier and remained a burden on the market. Together, foreclosures plus REO closings made up 30.6% of existing home closings, up from 24.5% a year earlier. The percentage of existing home closings involving foreclosures went from 13.6% in December 2014 to 13.7% in December 2015 and REO closings as a percentage of existing home closings rose to 16.9% from 10.9%.