In the Harrisonburg, VA market in June, new home closings slid year-over-year, sliding after a growth in May 2015. New home closings moved from 4 a year earlier to 3 after the figure moved from 2 in May 2014 to 7 in May 2015.
A total of 74 new homes were sold during the 12 months that ended in June, down from 75 for the year that ended in May.
New home closings were 3 out of the 185 total closings, a move on a percentage basis from 4 of 154 a year earlier. For new and existing homes, closings rose year-over-year in June after also increasing in May year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $152,633, compared with $213,400 last year. This followed a 34.8% bump in May year-over-year.
The average mortgage size went down to $116,807 from $181,500 a year earlier. Average mortgage size on new homes went from $175,300 in May 2014 to $171,644 in May 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 2,115 square feet a year earlier to 1,143 square feet.
Foreclosures and real estate owned (REO) closings increased in June from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 18.1% of existing home closings, above 6.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 12.1% in June from 2.0% a year earlier while REO closings as a percentage of existing home closings grew to 6.0% from 4.7%.