In the Roanoke, VA market, closings of new homes fell year-over-year in October, but the decline was less than the year-over-year decline in September. New home closings moved from 11 a year earlier to 5 after the figure moved from 8 in September 2014 to 2 in September 2015.
A total of 69 new homes were sold during the 12 months that ended in October, down from 75 for the year that ended in September.
New home closings were 2.9% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 5 of the 433 total closings. Closings of new and existing homes increased year-over-year in October after also rising in September year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $251,888, an increase from $238,664 a year earlier. This was on the heels of a more than threefold gain in September year-over-year.
Average mortgage size on new homes moved from $173,529 to $174,202. Average mortgage size on new homes went from $138,892 in September 2014 to $237,000 in September 2015.
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 1,920 square feet a year earlier to 2,456 square feet.
Foreclosures and real estate owned (REO) closings continued to rise in October from a year earlier and remained a drag on the market. Combined, foreclosures plus REO closings accounted for 36.4% of existing home closings, above 27.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 19.4% in October from 16.4% a year earlier while REO closings as a percentage of existing home closings jumped to 17.1% from 10.7%.