In the Charlottesville, VA market in October, closings of new homes fell year-over-year, and the decline was by a larger percentage than the September 2015. New home closings moved from 25 a year earlier to 4 after the figure moved from 19 in September 2014 to 18 in September 2015.
A total of 252 new homes were sold during the 12 months that ended in October, down from 273 for the year that ended in September.
Last year, 25 of 324 total closings were new homes, and this percentage saw a decline as new home closings this year made up 4 of the 262 total closings. After rising year-over-year in September, closings of new and existing homes dropped year-over-year in October.
Pricing and Mortgage Trends
The average new home price was $445,355, up from $435,477 a year earlier. This followed a 19.5% decline in September from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $337,801 to $295,262. Average mortgage size fell 1.0% in September 2015 from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in October 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in October, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 14.3% of existing home closings, below 17.1% a year earlier. The percentage of existing home closings involving foreclosures declined to 7.0% in October from 12.0% a year earlier while REO closings as a percentage of existing home closings rose to 7.4% from 5.0%.