In the Roanoke, VA market in March, new home closings slid year-over-year, dropping after staying level in February. Closings stood at four in March after being 10 a year earlier and the figure was unchanged at seven in February from a year earlier.
A total of 139 new homes were sold during the 12 months that ended in March, down from 145 for the year that ended in February.
New home closings were four of the 140 total closings, down on a percentage basis from 10 of 221 a year earlier. For new and existing homes, closings sank in March after also declining in February year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $171,338, compared with $254,609 last year. This followed a 43.1% fall in February from a year earlier.
Average mortgage size on new homes fell from $223,781 to $157,632. Average mortgage size on new homes went from $211,427 in February 2011 to $128,482 in February 2012. Of the overall sale price, the percentage that was being financed increased 4.1 percentage points year-over-year to 92.0% in March 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 all of new home closings after accounting for eight of 10 last year. Meanwhile, attached units made up no part of new home closings after making up two of 10 closings a year earlier.
Foreclosures and real estate owned (REO) closings decreased in March from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings made up 39.0% of existing home closings, down from 53.1% a year earlier. The percentage of existing home closings involving foreclosures declined to 17.6% in March from 28.4% a year earlier while REO closings as a percentage of existing home closings fell to 21.3% from 24.6% a year earlier.
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