New home closings in the Winchester, VA market rose year-over-year in December, but the increase was less than November 2015. New home closings moved from 30 a year earlier to 49 after the figure moved from 13 in November 2014 to 35 in November 2015.
A total of 355 new homes were sold during the 12 months that ended in December, up from 336 for the year that ended in November.
Out of all housing closings, new home closings accounted for 29.0%. This is an increase on a percentage basis, as new home closings were 16.9% of total closings a year ago. Following a year-over-year rise in November, closings of new and existing homes declined year-over-year in December.
Pricing and Mortgage Trends
For newly sold homes, the average price jumped 28.9% year-over-year in December to $376,857 per unit. This bump is better than the 7.7% hike in November year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. Average mortgage size grew 17.7% to $303,122 in December from a year earlier. Average mortgage size on new homes went from $269,806 in November 2014 to $256,995 in November 2015.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. Single-family home closings increased from 53.3% of new closings in December 2014 to 71.4% of closings in December 2015. Meanwhile, attached units as a percentage of all new home closings slid to 28.6% of closings from 46.7% of closings.
The average unit size of newly sold homes rose 1.8% year-over-year to 2,653 square feet in December 2015. The average size of newly sold homes moved from 2,634 square feet in November 2014 to 2,332 square feet in November 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in December, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 23.3% of existing home closings, down from a quarter a year earlier. The percentage of existing home closings involving foreclosures went from 11.5% in December 2014 to 11.7% in December 2015 and REO closings as a percentage of existing home closings slid to 11.7% from 13.5% a year earlier.