In March, the Lynchburg, VA market saw a decline year-over-year in new home closings, but the decline was less than the year-over-year decline in February. New home closings moved from 11 a year earlier to 9 after the figure moved from 3 in February 2015 to 2 in February 2016.
A total of 103 new homes were sold during the 12 months that ended in March, down from 105 for the year that ended in February.
9 of the 246 total closings were new home closings, a shift on a percentage basis from 11 out of 267 a year earlier. After remaining steady in February from a year earlier, closings of new and existing homes fell year-over-year in March.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $247,904 from $215,449 a year ago. This came after a more than twofold surge in February year-over-year.
Average mortgage size on new homes rose from $181,644 to $230,962. Average mortgage size on new homes went from $129,950 in February 2015 to $405,503 in February 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 March 2016.
Out of all existing home closings, foreclosures combined with REO closings represented 21.5% of closings. They made up 21.5% in March 2015. The percentage of existing home closings involving foreclosures went from 8.6% in March 2015 to 8.9% in March 2016 and REO closings moved from 12.9% of existing home closings in March 2015 to 12.7% in March 2016.