In the Winchester, VA market in July, new home closings declined year-over-year, and the decline was by a larger percentage than the June 2016. New home closings moved from 34 a year earlier to 1 after the figure moved from 26 in June 2015 to 13 in June 2016.
A total of 340 new homes were sold during the 12 months that ended in July, down from 373 for the year that ended in June.
New home closings represented 1 out of the 38 total closings, which is a smaller percentage than the 34 of 234 total closings a year earlier. For new and existing homes, closings fell in July after also declining in June year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $89,000, compared with $318,385 last year. This came after a 4.5% decline in June from a year earlier.
The average mortgage size went down to $71,920 from $272,751 a year earlier. Average mortgage size on new homes went from $257,406 in June 2015 to $315,803 in June 2016.
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 2,562 square feet a year earlier to 1,134 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 5.4% of existing home closings, below 15.5% a year earlier. The percentage of existing home closings involving foreclosures slid to no part in July from 5.5% a year earlier while REO closings as a percentage of existing home closings declined to 5.4% from 10.0% a year earlier.