In January, closings of new homes in the Lynchburg, VA market jumped year-over-year,. Closings stood at 6 in January after being 5 a year earlier and remaining unchanged at 4 in December from a year earlier.
A total of 101 new homes were sold during the 12 months that ended in January, up from 100 for the year that ended in December.
6 of the 179 total closings were new home closings, a shift on a percentage basis from 5 out of 197 a year earlier. Following a year-over-year decline in December, closings of new and existing homes also sank year-over-year in January.
Pricing and Mortgage Trends
The average per-unit price of new homes was $221,703, compared with $292,520 last year. This came after a 27.5% drop in December from a year earlier.
There was a decline in average mortgage size on new homes, going from $269,709 last year to $199,679 in January 2016. Average mortgage size on new homes went from $219,414 in December 2014 to $172,308 in December 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 January 2016.
Foreclosures and real estate owned (REO) closings increased in January from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 24.9% of existing home closings, up from 24.0% a year earlier. The percentage of existing home closings involving foreclosures dropped to 12.7% in January from 15.1% a year earlier while REO closings as a percentage of existing home closings gained to 12.1% from 8.9%.