In April, the Charlottesville, VA market saw a decline year-over-year in new home closings, falling after a rise in March 2016. New home closings moved from 24 a year earlier to 13 after the figure moved from 20 in March 2015 to 21 in March 2016.
A total of 287 new homes were sold during the 12 months that ended in April, down from 298 for the year that ended in March.
New home closings were 13 out of the 297 total closings, down on a percentage basis from 24 of 309 a year earlier. Following a period of little movement in March from a year earlier, closings of new and existing homes fell year-over-year in April.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $408,674, down from last year's $432,152. This was on the heels of a 12.1% fall in March from a year earlier.
The average mortgage size moved to $329,289, down from last year's $346,306. In March 2016, average mortgage size on newly sold homes saw a 4.6% drop 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 2,907 square feet a year earlier to 2,509 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 10.2% of closings, below 15.1% a year earlier. The percentage of existing home closings involving foreclosures declined to 3.5% in April from 9.8% a year earlier while REO closings as a percentage of existing home closings gained to 6.7% from 5.3%.