New Home Sales and Prices Both Gain in Philadelphia According to Latest Data
Posted on: Dec 06, 2013 07:36:13 AM
In August, there was an increase in closings of new homes in the Philadelphia, PA market year-over-year, but there were signs of market leveling as the percentage gain was less than July 2013. New home closings saw a 6.8% jump from a year earlier to 516. This came after a 11.8% rise year-over-year in July.
A total of 5,376 new homes were sold during the 12 months that ended in August, up from 5,343 for the year that ended in July.
Of the total number of closings, new home closings made up 7.1%. New home closings were 7.4% of overall closings last year. Following a year-over-year increase in July, closings of new and existing homes also gained year-over-year in August.
Pricing and Mortgage Trends
Average price of newly sold homes had a 8.3% lift year-over-year to $420,509 per unit in August. This hike is higher than the 4.5% boost in July year-over-year.
The average mortgage size on newly sold homes saw a surge year-over-year along with new home prices. Average mortgage size climbed 8.5% to $325,523 in August from a year earlier. In July 2013, average mortgage size on newly sold homes saw a 4.2% gain year-over-year from a year earlier.