New Home Closings in Philadelphia Gain, Prices Decline According to Recent Figures
Posted on: Apr 06, 2014 07:32:37 AM
The Philadelphia, PA market saw an increase in closings of new homes in December year-over-year, bouncing back from a fall in November 2013. Closings climbed 5.0% from a year earlier to 545. This came after a 2.1% drop year-over-year in November.
A total of 5,630 new homes were sold during the 12 months that ended in December, up from 5,604 for the year that ended in November.
New home closings were 9.7% of total number of closings, same as last year. Closings of new and existing homes gained year-over-year in December following a decline in November year-over-year.
Pricing and Mortgage Trends
In December, the average price of newly sold homes fell year-over-year to $401,470 per unit, marking a 3.2% fall from the year-earlier figure. This fall compares to a 3.3% gain in November year-over-year.
For newly sold homes, the average mortgage size saw a drop year-over-year in contrast to new home prices. Average mortgage size slid by 3.4% from a year earlier, settling at $305,852 in December. In November 2013, average mortgage size increased 1.3% from a year earlier.