New Home Prices Increase in Reno According to Recent Figures, Sales Decline
Posted on: Jul 06, 2014 07:30:32 AM
In April, there was a decline year-over-year in new home closings in the Reno, NV market, moving downward after a gain in March 2014. New home closings saw a 6.0% fall from a year earlier to 78. This followed a 32.8% hike year-over-year in March.
A total of 939 new homes were sold during the 12 months that ended in April, down from 944 for the year that ended in March.
New home closings accounted for 9.8% of overall housing closings. A year earlier, new home closings made up 9.3% of total closings. Closings of new and existing homes sank year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 27.6% boost year-over-year in April to $349,019 per unit. This bump is smaller than the 41.8% hike in March year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. It climbed 20.4% in April from a year earlier to $271,139. In March 2014, average mortgage size grew 20.3% from a year earlier.