Newest Figures Show New Home Sales Climb in Boston, Prices Decline
Posted on: Jul 06, 2014 07:04:22 AM
The Boston, MA market saw an increase in closings of new homes in March year-over-year, but the percentage surge, which was less than February 2014, seemed to suggest market leveling. New home closings saw a 10.1% climb from a year earlier to 186. This came on the heels of a 50.0% climb year-over-year in February.
A total of 2,525 new homes were sold during the 12 months that ended in March, up from 2,508 for the year that ended in February.
Out of all housing closings, new home closings made up 5.2%. A year earlier, new home closings represented 4.6% of total closings. For new and existing homes, closings slid in March after also declining in February year-over-year.
Pricing and Mortgage Trends
In March, the average price of newly sold homes sank 5.3% year-over-year to $483,287 per unit. This decline compares to a 39.3% bump in February year-over-year.
The average mortgage size on newly sold homes rose year-over-year in contrast to the average price of new homes. The average mortgage size saw a 2.9% gain year-over-year to $362,496 in March. In February 2014, average mortgage size increased 18.6% from a year earlier.