In August, closings of new homes gained year-over-year in the Winchester, VA market, but the increase was less than July 2012. New home closings moved from 10 a year earlier to 13 after the figure moved from 13 in July 2011 to 21 in July 2012.
A total of 208 new homes were sold during the 12 months that ended in August, up from 205 for the year that ended in July.
New home closings were 13 out of 170 total closings, making up 7.6%. This is up on a percentage basis from 10 of 183 a year earlier. For new and existing homes, closings declined in August after also declining in July year-over-year.
Pricing and Mortgage Trends
The average new home price was $255,937, down from $320,401 a year earlier. This was on the heels of a 4.0% decline in July from a year earlier.
The average mortgage size moved to $232,806, down from last year's $281,980. Average mortgage size on new homes went from $221,936 in July 2011 to $255,770 in July 2012. Of the overall sale price, the percentage that was being financed rose 3.0 percentage points year-over-year to 91.0% in August 2012.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen. Attached closings made up one of 13 new home closings after accounting for no part of closings a year earlier. Meanwhile, single-family homes made up 12 of 13 new home closings after making up all of closings a year earlier.
The average unit size of newly sold homes fell from 2,520 square feet a year earlier to 1,581 square feet.
Foreclosures and real estate owned (REO) closings declined in August from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings made up 31.2% of existing home closings, below 53.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 12.1% in August from 31.8% a year earlier while REO closings as a percentage of existing home closings fell to 19.1% from 21.4% a year earlier.
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