New home closings in the Lynchburg, VA market remained steady year-over-year in December, remaining relatively stable after moving north year-over-year in November from the year earlier. Closings remained level at 4 from a year earlier after the figure moved from 7 in November 2014 to 9 in November 2015.
A total of 100 new homes were sold during the 12 months that ended in December, equal to the number of new homes sold for the year that ended in November.
4 of the 210 total closings were new home closings, a shift on a percentage basis from 4 out of 225 a year earlier. After rising year-over-year in November, closings of new and existing homes slid year-over-year in December.
Pricing and Mortgage Trends
The average new home price was $180,113, down from $248,488 a year earlier. This was on the heels of a 35.9% boost in November year-over-year.
There was a decline in average mortgage size on new homes, going from $219,414 last year to $172,308 in December 2015. Average mortgage size on new homes went from $206,942 in November 2014 to $253,829 in November 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 December 2015.
Foreclosures and real estate owned (REO) closings continued to increase in December from a year earlier and remained a burden on the market. Combined, foreclosures plus REO closings accounted for 29.1% of existing home closings, above 24.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 17.5% in December from 11.8% a year earlier while REO closings as a percentage of existing home closings declined to 11.7% from 12.7% a year earlier.