New home closings in the Wheeling, WV market stayed the same year-over-year in July, staying flat after dropping year-over-year in June from the year earlier. Closings remained level at one from a year earlier after the figure moved from one in June 2011 to none in June 2012.
A total of nine new homes were sold during the 12 months that ended in July, equal to the number of new homes sold for the year that ended in June.
Following a year-over-year decline in June, closings of new and existing homes also slipped year-over-year in July.
Pricing and Mortgage Trends
The average per-unit price of new homes was $35,900, compared with $117,000 last year. This was on the heels of a set of periods with no new home closings in both June 2012 or June 2011
Average mortgage size on new homes fell from $117,890 to $29,109.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in July 2012. Single-family homes continued to account for all of new home closings.
Foreclosures and real estate owned (REO) closings did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 22.7% of existing home closings. In July 2011, they made up 26.6%. The percentage of existing home closings involving foreclosures fell to 9.3% in July from 17.7% a year earlier while REO closings as a percentage of existing home closings rose to 13.3% from 8.9%.
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