In the Winchester, VA market, new home closings declined year-over-year in September, falling after a rise in August 2015. New home closings moved from 18 a year earlier to 9 after the figure moved from 24 in August 2014 to 37 in August 2015.
A total of 293 new homes were sold during the 12 months that ended in September, down from 302 for the year that ended in August.
New home closings were 11.3% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 9 of the 169 total closings. For new and existing homes, closings jumped year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
The average new home value went from $314,979 last year to $374,934. This was on the heels of a 6.9% boost in August year-over-year.
Average mortgage size on new homes rose from $270,202 to $313,750. In August 2015, average mortgage size gained 13.3% from a year earlier.
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 2,685 square feet a year earlier to 3,522 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 13.8% of closings, below 20.6% a year earlier. The percentage of existing home closings involving foreclosures sank to 3.1% in September from 11.3% a year earlier while REO closings as a percentage of existing home closings grew to 10.6% from 9.2%.