New home closings in the Blacksburg, VA market sank year-over-year in April, falling after a rise in March 2016. New home closings moved from 12 a year earlier to 5 after the figure moved from 1 in March 2015 to 7 in March 2016.
A total of 90 new homes were sold during the 12 months that ended in April, down from 97 for the year that ended in March.
Last year, 12 of 206 total closings were new homes, and this percentage saw a decline as new home closings this year made up 5 of the 202 total closings. Following a year-over-year increase in March, closings of new and existing homes sank year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes rose to $424,019 from last year's $299,568. This was on the heels of a 3.5% lift in March year-over-year.
The average mortgage size on new homes was $353,200, up from $192,036. Average mortgage size on new homes went from $150,000 in March 2015 to $243,354 in March 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
The average unit size of newly sold homes rose from 1,992 square feet a year earlier to 3,182 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 13.7% of existing closings, lower than 14.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 7.6% in April from 5.7% a year earlier while REO closings as a percentage of existing home closings declined to 6.1% from 9.3% a year earlier.