New Home Closings and Prices in Reno Increase According to Newest Figures
Posted on: Apr 06, 2014 07:35:23 AM
There was a rise in closings of new homes in the Reno, NV market in January year-over-year, but the market seemed to be hinting at at leveling out with a percentage hike less pronounced than December 2013. There was a 1.5% jump in new home closings from a year earlier. This was after the housing market saw a 19.7% rise year-over-year in December.
A total of 825 new homes were sold during the 12 months that ended in January, up from 824 for the year that ended in December.
Of 586 total closings, 66 were of new homes. This is an increase on a percentage basis, as new home closings were 10.1% of total closings a year ago. Following a year-over-year increase in December, closings of new and existing homes slid year-over-year in January.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes gained year-over-year to $341,550 in January, up 26.3% from last year. This hike is an improvement over the 22.1% gain in December year-over-year.
The average mortgage size on newly sold homes saw a surge year-over-year along with new home prices. In January 2014, average mortgage size gained 17.4% from a year earlier to $276,477. Average mortgage size rose 14.6% in December 2013 from a year earlier.