New home closings in the Roanoke, VA market fell year-over-year in April, but the decline was less than the year-over-year decline in March. New home closings moved from 8 a year earlier to 4 after the figure moved from 8 in March 2015 to 2 in March 2016.

A total of 41 new homes were sold during the 12 months that ended in April, down from 45 for the year that ended in March.

New home closings were 4 out of the 402 total closings, a move on a percentage basis from 8 of 456 a year earlier. Following a year-over-year decline in March, closings of new and existing homes also sank year-over-year in April.

Pricing and Mortgage Trends

The average price for newly sold homes moved north to $351,488 from $183,706 a year ago. This was on the heels of a 15.6% rise in March year-over-year.

From the year-ago figure of $154,007, the average mortgage size on new homes moved up to $278,858. Average mortgage size on new homes went from $233,371 in March 2015 to $295,183 in March 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 rose from 1,593 square feet a year earlier to 1,817 square feet.

Foreclosures and real estate owned (REO) closings increased in April from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 24.1% of existing home closings, up from 22.5% a year earlier. The percentage of existing home closings involving foreclosures sank to 10.6% in April from 12.1% a year earlier while REO closings as a percentage of existing home closings jumped to 13.6% from 10.5%.

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