In August, the Roanoke, VA market saw a drop year-over-year in new home closings, and the decline was by a larger percentage than the July 2015. New home closings moved from 10 a year earlier to 3 after the figure moved from 11 in July 2014 to 4 in July 2015.
A total of 81 new homes were sold during the 12 months that ended in August, down from 88 for the year that ended in July.
New home closings were 3 out of the 405 total closings, down on a percentage basis from 10 of 400 a year earlier. Closings of new and existing homes rose in August after staying steady in July from a year earlier.
Pricing and Mortgage Trends
The average new home price was $180,557, down from $332,844 a year earlier. This was on the heels of a 1.7% drop in July from a year earlier.
The average mortgage size went down to $178,570 from $223,850 a year earlier. Average mortgage size on new homes went from $227,569 in July 2014 to $174,051 in July 2015.
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 2,541 square feet a year earlier to 2,120 square feet.
Foreclosures and real estate owned (REO) closings continued to rise in August from a year earlier and remained a drag on the market. Together, foreclosures plus REO closings accounted for 27.4% of existing home closings, up from 20.8% a year earlier. The percentage of existing home closings involving foreclosures rose to 16.4% in August from 13.1% a year earlier while REO closings as a percentage of existing home closings grew to 10.9% from 7.7%.