In the Harrisonburg, VA market in November, closings of new homes dropped year-over-year, a decline following a rise in October 2015. New home closings moved from 6 a year earlier to 4 after the figure moved from 6 in October 2014 to 12 in October 2015.
A total of 70 new homes were sold during the 12 months that ended in November, down from 72 for the year that ended in October.
On a percentage basis, new home closings as a part of total closings decreased to 3.4% from 5.0% a year earlier. Following a year-over-year increase in October, closings of new and existing homes fell year-over-year in November.
Pricing and Mortgage Trends
The average value of newly sold homes in November 2015 was $201,175, down from last year's $217,659. This came after a 35.3% bump in October year-over-year.
The average mortgage size on new homes was $168,635, up from $164,122. Average mortgage size on new homes went from $155,177 in October 2014 to $230,859 in October 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 November 2015.
The average unit size of newly sold homes fell from 1,981 square feet a year earlier to 1,706 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in November, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 10.6% of existing home closings, below 18.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 2.7% in November from 7.0% a year earlier while REO closings as a percentage of existing home closings fell to 8.0% from 11.4% a year earlier.