New home closings in the Hagerstown, MD market slid year-over-year in June, and the decline was by a larger percentage than the May 2016. New home closings moved from 21 a year earlier to 8 after the figure moved from 9 in May 2015 to 8 in May 2016.
A total of 125 new homes were sold during the 12 months that ended in June, down from 138 for the year that ended in May.
Last year, 21 of 253 total closings were new homes, and this percentage saw a decline as new home closings this year made up 8 of the 312 total closings. Following a year-over-year increase in May, closings of new and existing homes also climbed year-over-year in June.
Pricing and Mortgage Trends
The average new home price was $298,097, up from $294,955 a year earlier. This followed a 11.3% bump in May year-over-year.
From the year-ago figure of $243,834, the average mortgage size on new homes moved up to $309,914. Average mortgage size on new homes went from $208,082 in May 2015 to $262,423 in May 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.
The average unit size of newly sold homes fell from 2,360 square feet a year earlier to 2,316 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 21.7% of existing home closings, below 33.6% a year earlier. The percentage of existing home closings involving foreclosures dropped to 11.2% in June from 12.5% a year earlier while REO closings as a percentage of existing home closings sank to 10.5% from 21.1% a year earlier.