In December, there was an increase in closings of new homes in the Blacksburg, VA market year-over-year,. New home closings moved from 2 a year earlier to 10 after the figure moved from none in November 2014 to 5 in November 2015.
New home closings were 10 of the 182 total closings, up on a percentage basis from 2 of 165 a year earlier. Closings of new and existing homes gained year-over-year in December following a decline in November year-over-year.
Pricing and Mortgage Trends
The average new home price was $335,506, up from $174,950 a year earlier. This came after a set of periods with no new home closings in both November 2015 or November 2014.
There was a decline in average mortgage size on new homes, going from $288,800 last year to $261,821 in December 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 December 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in December, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 14.5% of existing home closings, down from 16.0% a year earlier. The percentage of existing home closings involving foreclosures went from 8.6% in December 2014 to 8.1% in December 2015 and REO closings moved from 7.4% of existing home closings in December 2014 to 6.4% in December 2015.