In May, there was a fall year-over-year in new home closings in the Hagerstown, MD market, falling after a rise in April 2016. New home closings moved from 9 a year earlier to 8 after the figure moved from 9 in April 2015 to 10 in April 2016.
A total of 138 new homes were sold during the 12 months that ended in May, down from 139 for the year that ended in April.
On a percentage basis, new home closings as a part of total closings decreased to 3.1% from 4.7% a year earlier. For new and existing homes, closings gained year-over-year in May after also increasing in April year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $275,637, an increase from $247,704 a year earlier. This was on the heels of a 8.2% fall in April from a year earlier.
Average mortgage size on new homes rose from $208,082 to $262,423. Average mortgage size on new homes went from $254,754 in April 2015 to $235,842 in April 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 rose from 2,115 square feet a year earlier to 2,367 square feet.
Foreclosures and real estate owned (REO) closings declined in May from a year earlier, but remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 32.8% of closings, below 39.6% a year earlier. The percentage of existing home closings involving foreclosures fell to 15.4% in May from 16.5% a year earlier while REO closings as a percentage of existing home closings declined to 17.4% from 23.1% a year earlier.