Recent Numbers For Reno Show New Home Closings and Prices Rise
Posted on: Mar 06, 2014 07:35:35 AM
There was a rise in new home closings in the Reno, NV market in December year-over-year, moving up after a drop in November 2013. New home closings saw a boost of 22.8% from the year earlier to 70. This was after the housing market saw a 29.9% fall year-over-year in November.
A total of 816 new homes were sold during the 12 months that ended in December, up from 803 for the year that ended in November.
New home closings accounted for 9.2% of overall housing closings. This is a gain from 7.5% of closings a year earlier. After increasing in November from a year earlier, closings of new and existing homes remained level in December.
Pricing and Mortgage Trends
The average price of new homes grew year-over-year in December to $340,193 per unit, a rise of 18.1%. This hike is smaller than the 38.2% boost in November year-over-year.
The average mortgage size on newly sold homes increased year-over-year along with the average price of new homes. It climbed to $272,357 in December, a 8.8% rise. In November 2013, average mortgage size increased 25.5% from a year earlier.