In June, the Winchester, VA market saw a drop year-over-year in new home closings, and the decline was by a larger percentage than the May 2016. New home closings moved from 26 a year earlier to 6 after the figure moved from 30 in May 2015 to 27 in May 2016.
A total of 361 new homes were sold during the 12 months that ended in June, down from 381 for the year that ended in May.
On a percentage basis, new home closings as a part of total closings decreased to 7.1% from 9.5% a year earlier. After rising year-over-year in May, closings of new and existing homes fell year-over-year in June.
Pricing and Mortgage Trends
The average value of newly sold homes in June 2016 was $267,627, down from last year's $317,479. This was on the heels of a period of little change in May from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $257,406 to $249,346. In May 2016, average mortgage size fell 6.1% from a year earlier.
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 fell from 2,711 square feet a year earlier to 2,574 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 6.3% of existing home closings, below 17.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 3.8% in June from 9.2% a year earlier while REO closings as a percentage of existing home closings slid to 2.5% from 8.0% a year earlier.