Freshest Numbers Indicate New Home Closings and Prices Decline in Harrisonburg
Posted on: Dec 06, 2013 07:20:26 AM
New home closings in the Harrisonburg, VA market sank year-over-year in August, declining after staying relatively stable in July from the year earlier. Closings stood at 2 in August after being 9 a year earlier and remaining unchanged at 5 in July from a year earlier.
On a percentage basis, new home closings as a part of total closings decreased to 1.7% from 7.0% a year earlier. After rising year-over-year in July, closings of new and existing homes sank year-over-year in August.
Pricing and Mortgage Trends
The average new home price was $147,498, down from $243,458 a year earlier. This came after a 10.0% bump in July year-over-year.
The average mortgage size went down to $114,995 from $217,874 a year earlier. Average mortgage size on new homes went from $185,061 in July 2012 to $207,718 in July 2013.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in August 2013.