In February, the Roanoke, VA market saw a fall year-over-year in new home closings, and the decline was by a larger percentage than the January 2016. New home closings moved from 6 a year earlier to 2 after the figure moved from 3 in January 2015 to 2 in January 2016.
A total of 50 new homes were sold during the 12 months that ended in February, down from 54 for the year that ended in January.
On a percentage basis, new home closings as a part of total closings decreased to 0.7% from 2.1% a year earlier. Closings of new and existing homes remained steady in February after falling in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $527,535 from last year's $317,159. This came after a 23.7% fall in January from a year earlier.
The average mortgage size on new homes was $460,323, up from $179,093. Average mortgage size on new homes went from $104,787 in January 2015 to $228,025 in January 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.
Foreclosures and real estate owned (REO) closings decreased in February from a year earlier, but stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for 30.7% of existing closings, lower than 31.0% a year earlier. The percentage of existing home closings involving foreclosures went from 17.7% in February 2015 to 16.8% in February 2016 and REO closings moved from 13.4% of existing home closings in February 2015 to 13.9% in February 2016.