Freshest Numbers Show Prices of New Homes Climb in Boston, Sales Decline
Posted on: Nov 12, 2013 07:05:36 AM
Closings of new homes slid year-over-year in July in the Boston, MA market, but there were signs the market may be evening out with a percentage decline less steep as in June 2013. Closings declined 14.8% from a year earlier to 127. This came on the heels of a 30.5% decline year-over-year in June.
A total of 1,634 new homes were sold during the 12 months that ended in July, down from 1,656 for the year that ended in June.
As a percentage of overall housing closings, new home closings represented 1.8% of overall housing closings. New home closings were 2.4% of overall closings last year. Closings of new and existing homes jumped year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
In July, there was a 22.1% boost year-over-year in the average price of newly sold homes, reaching $452,790 per unit. This hike is higher than the 7.6% boost in June year-over-year.
For newly sold homes, the average mortgage size rose year-over-year along with new home prices. In July 2013, there was a 5.8% rise in the average mortgage size, reaching $319,906. Average mortgage size went from $288,037 in June 2012 to $286,095 in June 2013.