Newest Numbers Show Prices of New Homes Rise in Reno, Sales Decline
Posted on: May 06, 2013 07:30:44 AM
In February, there was a decline year-over-year in new home closings in the Reno, NV market, a downhill move after a boost in January 2013. There was a 5.6% decline in new home closings from a year earlier. This followed an 89.3% hike year-over-year in January.
A total of 677 new homes were sold during the 12 months that ended in February, down from 679 for the year that ended in January.
As a percentage of overall housing closings, new home closings represented 5.1% of overall housing closings. A year ago, new home closings made up 4.7%. Following a year-over-year decline in January, closings of new and existing homes also dropped year-over-year in February.
Pricing and Mortgage Trends
Average price of newly sold homes had a 29.8% rise year-over-year to $309,603 per unit in February. This is a swing up from a 9.7% decline in January from a year earlier.
The average mortgage size on new homes moved north year-over-year along with new home prices. In February 2013, average mortgage size rose 17.1% from a year earlier to $254,932. In January 2013, average mortgage size slid 21.0% from a year earlier. The overall percentage of sale price that was being financed slipped 8.9 percentage points year-over-year to 82.3% in February 2013.