New home closings in the Roanoke, VA market declined year-over-year in June, and the decline was by a larger percentage than the May 2016. New home closings moved from 8 a year earlier to 3 after the figure moved from 5 in May 2015 to 2 in May 2016.
A total of 33 new homes were sold during the 12 months that ended in June, down from 38 for the year that ended in May.
New home closings were 3 out of the 481 total closings, a move on a percentage basis from 8 of 497 a year earlier. Closings of new and existing homes slid year-over-year in June after also falling in May year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $635,667 from last year's $351,749. This was on the heels of a 2.4% hike in May year-over-year.
The average mortgage size on new homes was $620,618, up from $248,406. Average mortgage size on new homes went from $220,644 in May 2015 to $279,950 in May 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 average unit size of newly sold homes rose from 2,254 square feet a year earlier to 3,702 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 19.7% of existing home closings, down from 23.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 7.3% in June from 12.1% a year earlier while REO closings as a percentage of existing home closings gained to 12.3% from 11.2%.