Latest Figures Show New Home Sales Level from Last Year, Prices Fall in Bangor
Posted on: May 06, 2013 07:03:02 AM
New home closings in the Bangor, ME market stayed the same year-over-year in February, remaining level after showing little movement in January from the year earlier. Closings stayed at one, unchanged from a year earlier after being consistent at two in January from the year earlier.
A total of 23 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
One of the 51 total closings were new home closings, a shift on a percentage basis from one out of 66 a year earlier. Following a year-over-year rise in January, closings of new and existing homes sank year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $174,625 in February 2013, down from $189,900 a year earlier. This came after a 21.5% rise in January year-over-year.
There was a decline in average mortgage size on new homes, going from $151,920 last year to $139,700 in February 2013. Average mortgage size on new homes went from $128,433 in January 2012 to $156,000 in January 2013. The overall percentage of sale price that was being financed was relatively unchanged from February 2012 to February 2013 at 80.0%. This comes after the figure remained relatively unchanged at 80.0% in January 2013.