New Home Prices Gain in Reno According to Recent Figures, Sales Decline
Posted on: Dec 06, 2013 07:39:12 AM
Closings of new homes fell year-over-year in September in the Reno, NV market, but there were signs of market improvement with a percentage decline less steep than in August 2013. Closings fell 5.2% from a year earlier to 73. This followed a 14.0% drop year-over-year in August.
A total of 783 new homes were sold during the 12 months that ended in September, down from 787 for the year that ended in August.
As a percentage of overall housing closings, new home closings made up 7.8%. This is down from the 9.1% of closings a year earlier. Closings of new and existing homes rose year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
The average price of new homes climbed year-over-year in September to $315,741 per unit, a rise of 26.8%. This rise is higher than the 22.9% gain in August year-over-year.
The average mortgage size on newly sold homes rose year-over-year along with the average price of new homes. The average mortgage size rose to $261,056 in September, marking a 16.9% lift compared with a year earlier. In August 2013, average mortgage size grew 12.4% from a year earlier.