New Home Closings in Elmira Gain, Prices Decrease According to Latest Figures
Posted on: May 06, 2013 07:11:00 AM
In the Elmira, NY market in February, new home closings climbed year-over-year, but the increase was less than January 2013. New home closings moved from three a year earlier to five after the figure moved from two in January 2012 to seven in January 2013.
A total of 73 new homes were sold during the 12 months that ended in February, up from 71 for the year that ended in January.
Five of the 231 total closings were new home closings, a shift on a percentage basis from three out of 249 a year earlier. Following a year-over-year increase in January, closings of new and existing homes fell year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $214,328, down from $234,227 a year earlier. This was on the heels of a shift from no closings in January 2012 to an average price of $198,476 in January 2013.
There was a decline in average mortgage size on new homes, going from $187,382 last year to $171,463 in February 2013.