Prices of New Homes Climb in Philadelphia, Sales Fall According to Latest Data
Posted on: Jul 06, 2014 07:28:20 AM
In the Philadelphia, PA market in March, closings of new homes slid year-over-year, and there were signals the market may be worsening with a percentage decline steeper than that of February 2014. New home closings saw a drop of 26.8% from the year earlier to 330. This came on the heels of a 10.8% fall year-over-year in February.
A total of 5,603 new homes were sold during the 12 months that ended in March, down from 5,724 for the year that ended in February.
As a percentage of overall housing closings, new home closings accounted for 7.0%. This is a fall 8.1% of closings a year earlier. Closings of new and existing homes dropped year-over-year in March after also falling in February year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price grew 12.5% year-over-year in March to $444,971 per unit. This gain is an improvement over the 12.1% surge in February year-over-year.
For newly sold homes, the average mortgage size saw a boost year-over-year along with new home prices. It jumped 13.0% in March from a year earlier to $350,337. In February 2014, average mortgage size on newly sold homes saw a 10.4% lift year-over-year from a year earlier.