In the Hagerstown, MD market, new home closings fell year-over-year in August, and the decline was by a larger percentage than the July 2015. New home closings moved from 14 a year earlier to 5 after the figure moved from 18 in July 2014 to 12 in July 2015.
A total of 121 new homes were sold during the 12 months that ended in August, down from 130 for the year that ended in July.
New home closings were 7.6% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 5 of the 199 total closings. After staying stable in July from a year earlier, closings of new and existing homes rose in August.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $311,513 from $259,977 a year ago. This followed a 1.9% bump in July year-over-year.
Average mortgage size on new homes increased to $260,101 from $222,619 last year. Average mortgage size went from $235,286 in July 2014 to $234,344 in July 2015.
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.
Foreclosures and real estate owned (REO) closings declined in August from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 26.3% of closings, below 39.4% a year earlier. The percentage of existing home closings involving foreclosures slid to 0.5% in August from 22.9% a year earlier while REO closings as a percentage of existing home closings gained to 25.8% from 16.5%.