In the Blacksburg, VA market in March, closings of new homes jumped year-over-year, and the increase was greater than February 2016. New home closings moved from 1 a year earlier to 7 after the figure moved from 1 in February 2015 to 5 in February 2016.
A total of 97 new homes were sold during the 12 months that ended in March, up from 91 for the year that ended in February.
New home closings were 7 of the 209 total closings, up on a percentage basis from 1 of 188 a year earlier. Following a year-over-year increase in February, closings of new and existing homes also rose year-over-year in March.
Pricing and Mortgage Trends
The average new home value went from $290,300 last year to $300,466. This was on the heels of a 17.7% lift in February year-over-year.
Average mortgage size on new homes increased to $243,354 from $150,000 last year.
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.
Foreclosures and real estate owned (REO) closings rose in March from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 18.3% of existing home closings, up from 17.6% a year earlier. The percentage of existing home closings involving foreclosures fell to 8.9% in March from 11.2% a year earlier while REO closings as a percentage of existing home closings rose to 9.4% from 6.4%.