New Home Sales and Prices Decrease in Boston According to Latest Data
Posted on: Aug 08, 2014 11:10:52 AM
The Boston, MA market saw a drop in new home closings year-over-year in April, and with a percentage drop steeper than March 2014, there were signals the market may be worsening. New home closings saw a 63.0% drop from a year earlier to 44. This was after the housing market saw a 34.1% drop year-over-year in March.
A total of 781 new homes were sold during the 12 months that ended in April, down from 856 for the year that ended in March.
New home closings represented 1.0% of overall housing closings. This is down from the a year earlier when new home closings accounted for 2.6% of total closings. For new and existing homes, closings slid in April after also declining in March year-over-year.
Pricing and Mortgage Trends
In April, the average price of newly sold homes declined year-over-year to $449,177 per unit, marking a 11.4% drop from the year-earlier figure. This decline is larger than the 2.4% drop in March from a year earlier.
Average mortgage size on new homes fell year-over-year in contrast to new home prices. It sank 2.2% in April from a year earlier to $320,334. In March 2014, average mortgage size on newly sold homes saw a 10.1% lift year-over-year from a year earlier.