The Winchester, VA market saw a drop in new home closings year-over-year in January, falling after a rise in December 2015. New home closings moved from 20 a year earlier to 9 after the figure moved from 30 in December 2014 to 49 in December 2015.
A total of 344 new homes were sold during the 12 months that ended in January, down from 355 for the year that ended in December.
Last year, 20 of 142 total closings were new homes, and this percentage saw a decline as new home closings this year made up 9 of the 100 total closings. Closings of new and existing homes dropped year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average new home price was $307,403, up from $274,060 a year earlier. This was on the heels of a 28.9% hike in December year-over-year.
From the year-ago figure of $263,528, the average mortgage size on new homes moved up to $313,596. In December 2015, average mortgage size jumped 17.7% 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.
Foreclosures and real estate owned (REO) closings decreased in January from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, represented 25.3% of existing closings, lower than 41.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 16.5% in January from 25.4% a year earlier while REO closings as a percentage of existing home closings fell to 8.8% from 15.6% a year earlier.