Recent Figures Show New Home Prices Climb, Sales Fall in Philadelphia
Posted on: May 06, 2013 07:28:24 AM
The Philadelphia, PA market saw a drop in new home closings year-over-year in January, moving south after a gain in December 2012. New home closings saw a drop of 39.9% from the year earlier to 223 after closings increased 10.4% in December from the year earlier.
A total of 4,881 new homes were sold during the 12 months that ended in January, down from 5,029 for the year that ended in December.
New home closings made up 6.2% of overall housing closings, less than the 9.6% of closings a year earlier. Following a year-over-year increase in December, closings of new and existing homes dipped year-over-year in January.
Pricing and Mortgage Trends
For newly sold homes, the average price grew 11.8% year-over-year in January to $397,897 per unit. This bump is an improvement over the 2.7% rise in December year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. In January 2013, there was a 5.4% rise in the average mortgage size, reaching $301,524. In December 2012, average mortgage size increased 5.2% from a year earlier. Of the overall sale price, the percentage that was being financed fell 4.6 percentage points year-over-year to 75.8% in January 2013. This was a swing downward after a 1.8 percentage point rise in December from a year earlier.