In the Hagerstown, MD market in July, new home closings dropped year-over-year, a decline following a rise in June 2015. New home closings moved from 18 a year earlier to 12 after the figure moved from 16 in June 2014 to 21 in June 2015.
A total of 128 new homes were sold during the 12 months that ended in July, down from 134 for the year that ended in June.
New home closings represented 12 out of the 225 total closings, which is a smaller percentage than the 18 of 224 total closings a year earlier. Closings of new and existing homes remained steady in July after falling in June year-over-year.
Pricing and Mortgage Trends
The average new home price was $278,829, up from $273,607 a year earlier. This followed a move from $294,567 per unit in June 2014 to $294,955 in June 2015.
Average mortgage size on new homes moved from $235,286 to $234,344. In June 2015, average mortgage size on newly sold homes saw a 5.1% drop from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 2,672 square feet a year earlier to 2,095 square feet.
Foreclosures and real estate owned (REO) closings decreased in July from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings made up 28.2% of existing home closings, below 40.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 4.7% in July from 22.8% a year earlier while REO closings as a percentage of existing home closings gained to 23.5% from 17.5%.