There was an increase in closings of new homes in the Harrisonburg, VA market in March year-over-year, but the increase was less than February 2016. New home closings moved from 8 a year earlier to 12 after the figure moved from 2 in February 2015 to 7 in February 2016.
A total of 91 new homes were sold during the 12 months that ended in March, up from 87 for the year that ended in February.
12 of the 145 total closings were new home closings, a shift on a percentage basis from 8 out of 98 a year earlier. For new and existing homes, closings gained year-over-year in March after also increasing in February year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $249,378 from $190,074 a year ago. This followed a 77.6% surge in February year-over-year.
The average mortgage size on new homes was $216,545, up from $158,945. Average mortgage size on new homes went from $177,253 in February 2015 to $273,815 in February 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.
Foreclosures and real estate owned (REO) closings rose in March from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 17.3% of existing home closings, up from 10.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.3% in March from 1.1% a year earlier while REO closings as a percentage of existing home closings sank to 6.0% from 8.9% a year earlier.