New Home Prices Increase in Boston According to Latest Figures, Sales Decrease
Posted on: Apr 06, 2014 07:05:15 AM
In December, the Boston, MA market saw a decline year-over-year in new home closings, but the percentage decline narrowed from that of November 2013, suggesting that the market may be stabilizing. Closings slid 1.5% from a year earlier to 129. In comparison, new home closings in the same month last year saw a 11.5% drop year-over-year in November.
A total of 1,559 new homes were sold during the 12 months that ended in December, down from 1,561 for the year that ended in November.
Of the total number of closings, new home closings made up 3.1%. A year earlier, new home closings represented 2.9% of total closings. After rising year-over-year in November, closings of new and existing homes slid year-over-year in December.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 42.2% gain year-over-year in December to $671,987 per unit. This rise is an improvement over the 34.5% surge in November year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. The average mortgage size saw a 11.9% gain year-over-year to $377,780 in December. In November 2013, average mortgage size on newly sold homes saw a 15.2% bump year-over-year from a year earlier.