In the Hagerstown, MD market, closings of new homes climbed year-over-year in December, and the increase was similar to November 2015. New home closings moved from 13 a year earlier to 15 after the figure moved from 13 in November 2014 to 15 in November 2015.
A total of 131 new homes were sold during the 12 months that ended in December, up from 129 for the year that ended in November.
New home closings were 15 out of 217 total closings, making up 6.9%. This is up on a percentage basis from 13 of 225 a year earlier. Following a year-over-year increase in November, closings of new and existing homes sank year-over-year in December.
Pricing and Mortgage Trends
The average new home price was $290,495, down from $314,865 a year earlier. This followed a 13.4% lift in November year-over-year.
There was a decline in average mortgage size on new homes, going from $278,090 last year to $247,045 in December 2015. Average mortgage size on new homes went from $251,225 in November 2014 to $247,449 in November 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes fell from 2,905 square feet a year earlier to 2,303 square feet.
Foreclosures and real estate owned (REO) closings fell in December from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 34.7% of closings, below 38.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 13.9% in December from 17.5% a year earlier and REO closings moved from 21.2% of existing home closings in December 2014 to 20.8% in December 2015.