The Winchester, VA market saw an increase in closings of new homes in November year-over-year, moving up after staying consistent in October from the year earlier. Closings stood at 16 in November after being 13 a year earlier and the figure was unchanged at 16 in October from a year earlier.
A total of 226 new homes were sold during the 12 months that ended in November, up from 223 for the year that ended in October.
New home closings were 16 out of 107 total closings, making up 15.0%. This is up on a percentage basis from 13 of 143 a year earlier. After rising year-over-year in October, closings of new and existing homes slid year-over-year in November.
Pricing and Mortgage Trends
The average price of new homes rose to $299,341 from last year's $281,388. This followed a 13.7% lift in October year-over-year.
Average mortgage size on new homes moved from $248,681 to $248,174. In October 2012, average mortgage size increased 1.0% from a year earlier. Of the overall sale price, the percentage that was being financed dipped 5.5 percentage points year-over-year to 82.9% in November 2012.
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. Single-family home closings made up 13 of 16 new home closings after accounting for nine of 13 a year earlier. Meanwhile, attached units made up three of 16 new home closings after making up four of 13 closings a year earlier.
The average unit size of newly sold homes rose from 1,954 square feet a year earlier to 2,314 square feet.
Foreclosures and real estate owned (REO) closings decreased in November from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, accounted for 25.3% of existing closings, lower than 51.5% a year earlier. The percentage of existing home closings involving foreclosures dropped to 13.2% in November from 28.5% a year earlier while REO closings as a percentage of existing home closings declined to 12.1% from 23.1% a year earlier.
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