Closings of new homes declined year-over-year in July in the Charlottesville, VA market, sliding after a growth in June 2015. New home closings moved from 18 a year earlier to 6 after the figure moved from 32 in June 2014 to 34 in June 2015.
A total of 181 new homes were sold during the 12 months that ended in July, down from 193 for the year that ended in June.
New home closings represented 6 out of the 326 total closings, which is a smaller percentage than the 18 of 273 total closings a year earlier. Closings of new and existing homes increased year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in July 2015 was $344,148, down from last year's $363,524. This was on the heels of a 18.6% decline in June from a year earlier.
Average mortgage size on new homes fell from $295,090 to $222,187. Average mortgage size declined 19.2% in June 2015 from a year earlier.
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 increased in July from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 11.9% of existing home closings, higher than 11.8% a year earlier. The percentage of existing home closings involving foreclosures went from 7.5% in July 2014 to 7.2% in July 2015 and REO closings moved from 4.3% of existing home closings in July 2014 to 4.7% in July 2015.