Prices of New Homes Climb in Philadelphia, Sales Decline According to Latest Data
Posted on: Mar 06, 2014 07:32:54 AM
The Philadelphia, PA market saw a drop in new home closings year-over-year in November, a drop following an increase in October 2013. New home closings saw a 3.9% decline from a year earlier to 465. This was after the housing market saw a 31.2% boost year-over-year in October.
A total of 5,615 new homes were sold during the 12 months that ended in November, down from 5,634 for the year that ended in October.
Of the total number of closings, new home closings made up 9.1%. As a part of the whole, new home closings were 8.4% a year earlier. Following a year-over-year increase in October, closings of new and existing homes declined year-over-year in November.
Pricing and Mortgage Trends
The average price of new homes jumped year-over-year 3.7% in November to $424,623 per unit. This surge is better than the 3.1% hike in October year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In November 2013, average mortgage size increased 3.2% from a year earlier to $320,022. Average mortgage size grew 9.5% in October 2013 from a year earlier.