In February, closings of new homes increased year-over-year in the Blacksburg, VA market,. New home closings moved from 1 a year earlier to 5 after the figure moved from none in January 2015 to 6 in January 2016.
A total of 91 new homes were sold during the 12 months that ended in February, up from 87 for the year that ended in January.
New home closings were 5 of the 161 total closings, up on a percentage basis from 1 of 156 a year earlier. Following a fall in January year-over-year, closings of new and existing homes jumped year-over-year in February.
The average price for newly sold homes moved north to $364,562 from $309,730 a year ago. This was on the heels of a shift to an average price of $286,521 in January 2016 after there were no closings in January 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in February 2016.
Foreclosures and real estate owned (REO) closings increased in February from a year earlier and did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 23.1% of existing home closings, above 22.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 14.7% in February from 6.5% a year earlier while REO closings as a percentage of existing home closings declined to 8.3% from 16.1% a year earlier.