In the Winchester, VA market, new home closings rose year-over-year in November, and the increase was greater than October 2015. New home closings moved from 13 a year earlier to 35 after the figure moved from 21 in October 2014 to 23 in October 2015.
A total of 336 new homes were sold during the 12 months that ended in November, up from 314 for the year that ended in October.
New home closings were 35 of the 151 total closings, up on a percentage basis from 13 of 153 a year earlier. For new and existing homes, closings declined in November after also declining in October year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $345,355, an increase from $320,674 a year earlier. This followed a 14.3% hike in October year-over-year.
The average mortgage size moved to $256,995, down from last year's $269,806. In October 2015, average mortgage size on newly sold homes saw a 17.6% gain year-over-year from a year earlier.
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.
The average unit size of newly sold homes fell from 2,634 square feet a year earlier to 2,332 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in November, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 23.3% of existing home closings, down from 25.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 2.6% in November from 16.4% a year earlier while REO closings as a percentage of existing home closings rose to 20.7% from 9.3%.