In the Winchester, VA market, new home closings rose year-over-year in March, rebounding from a year-over-year decline in February 2016. New home closings moved from 29 a year earlier to 36 after the figure moved from 29 in February 2015 to 12 in February 2016.
A total of 341 new homes were sold during the 12 months that ended in March, up from 334 for the year that ended in February.
Of 171 total closings, 36 were of new homes. This is a boost from 15.3% of closings a year earlier. After rising year-over-year in February, closings of new and existing homes slid year-over-year in March.
Pricing and Mortgage Trends
The average price of new homes sank 1.2% year-over-year in March to $314,791 per unit. This fall is a drop off from the 12.1% drop in February from a year earlier.
Average mortgage size on new homes went from $281,078 in March 2015 to $278,569 in March 2016. Average mortgage size on new homes went from $304,780 in February 2015 to $214,223 in February 2016.
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 share of new home closings belonging to attached units jumped from 24.1% of closings in March 2015 to 41.7% of closings in March 2016. Conversely, the share belonging to single-family homes dropped to 58.3% of closings from 75.9% of closings.
There was a 8.5% decline year-over-year in the average unit size of newly sold homes to 2,511 square feet in March 2016. A decrease in both the average size and price of newly sold homes was also seen in February 2016 when the average size gained 31.8% to 2,139 square feet. In February, the average size of new homes sold went from 3,136 square feet a year earlier to 2,139 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in March, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 14.8% of existing home closings, below 18.1% a year earlier. The percentage of existing home closings involving foreclosures fell to 6.7% in March from 8.1% a year earlier while REO closings as a percentage of existing home closings slid to 8.1% from 10.0% a year earlier.