Newest Figures Show New Home Sales and Prices Rise in Reno
Posted on: Aug 08, 2014 11:44:51 AM
In May, closings of new homes in the Reno, NV market increased year-over-year, and the percentage boost was sharper than April 2014, hinting that the market may be strengthening. New home closings saw a 30.2% boost from a year earlier to 69. In comparison, new home closings in the same month last year saw a 7.4% jump year-over-year in April.
A total of 946 new homes were sold during the 12 months that ended in May, up from 930 for the year that ended in April.
New home closings represented 7.2% of overall housing closings. This is better than the 6.1% of closings a year earlier. Closings of new and existing homes jumped year-over-year in May following a decline in April year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 14.1% rise year-over-year in May to $365,320 per unit. This bump is smaller than the 25.4% boost in April year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In May 2014, the average mortgage size was $285,539, a 3.0% surge from a year earlier. In April 2014, average mortgage size on newly sold homes saw a 18.5% rise year-over-year from a year earlier.