In the Charlottesville, VA market, closings of new homes slid year-over-year in April, dropping after a year-over-year increase in March 2016. New home closings moved from 24 a year earlier to 13 after the figure moved from 20 in March 2015 to 21 in March 2016.
A total of 287 new homes were sold during the 12 months that ended in April, down from 298 for the year that ended in March.
New home closings represented 13 out of the 297 total closings, which is a smaller percentage than the 24 of 309 total closings a year earlier. Closings of new and existing homes sank year-over-year in April after remaning steady in March year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $408,674, down from last year's $432,152. This followed a 12.1% drop in March from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $346,306 to $329,289. In March 2016, average mortgage size fell 4.6% 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 2,907 square feet a year earlier to 2,509 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 10.2% of existing closings, lower than 15.1% a year earlier. The percentage of existing home closings involving foreclosures slid to 3.5% in April from 9.8% a year earlier while REO closings as a percentage of existing home closings gained to 6.7% from 5.3%.