In the Hagerstown, MD market in January, closings of new homes increased year-over-year, but the increase was less than December 2015. New home closings moved from 7 a year earlier to 8 after the figure moved from 13 in December 2014 to 15 in December 2015.
A total of 133 new homes were sold during the 12 months that ended in January, up from 132 for the year that ended in December.
New home closings were 8 out of 148 total closings, making up 5.4%. This is up on a percentage basis from 7 of 179 a year earlier. Closings of new and existing homes fell year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $296,819 from $270,687 a year ago. This came after a 7.7% drop in December from a year earlier.
The average mortgage size on new homes was $280,108, up from $246,661. Average mortgage size on new homes went from $278,090 in December 2014 to $247,045 in December 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes rose from 2,300 square feet a year earlier to 2,365 square feet.
Foreclosures and real estate owned (REO) closings fell in January from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings accounted for 43.6% of existing home closings, below 45.3% a year earlier. The percentage of existing home closings involving foreclosures slid to 16.4% in January from 22.7% a year earlier while REO closings as a percentage of existing home closings rose to 27.1% from 22.7%.