In June, there was a fall year-over-year in new home closings in the Roanoke, VA market, and the decline was similar to May 2015. New home closings moved from 6 a year earlier to 3 after the figure moved from 2 in May 2014 to 1 in May 2015.
3 of the 467 total closings were new home closings, a shift on a percentage basis from 6 out of 413 a year earlier. Following a year-over-year increase in May, closings of new and existing homes also increased year-over-year in June.
Pricing and Mortgage Trends
The average new home value went from $186,983 last year to $422,600. This followed a 16.7% decline in May from a year earlier.
From the year-ago figure of $165,754, the average mortgage size on new homes moved up to $274,395. Average mortgage size on new homes went from $137,469 in May 2014 to $112,689 in May 2015.
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 1,568 square feet a year earlier to 1,710 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 23.1% of existing home closings, down from 25.8% a year earlier. The percentage of existing home closings involving foreclosures went from 12.0% in June 2014 to 11.4% in June 2015 and REO closings as a percentage of existing home closings sank to 11.6% from 13.8% a year earlier.