Latest Figures Show New Home Sales and Prices Decline in Bangor
Posted on: Apr 06, 2014 07:03:25 AM
In the Bangor, ME market, new home closings sank year-over-year in January, but the decline was less than the year-over-year decline in December. New home closings moved from 3 a year earlier to 2 after the figure moved from 3 in December 2012 to 1 in December 2013.
Last year, 3 of 80 total closings were new homes, and this percentage saw a decline as new home closings this year made up 2 of the 77 total closings. Closings of new and existing homes fell year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $189,762, compared with $225,625 last year. This came after a 7.4% decline in December from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $180,500 to $169,036. Average mortgage size on new homes went from $198,426 in December 2012 to $183,673 in December 2013.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in January 2014.