Newest Figures Show New Home Prices Climb, Sales Decrease in Boston
Posted on: Feb 11, 2014 07:04:26 AM
In the Boston, MA market, closings of new homes dropped year-over-year in October, but the drop in percentage terms was not as steep as September 2013, signaling market improvement. New home closings saw a decline of 15.2% from the year earlier to 151. This came after a 43.8% decline year-over-year in September.
A total of 1,399 new homes were sold during the 12 months that ended in October, down from 1,426 for the year that ended in September.
Of the total number of closings, new home closings made up 3.4%. A year earlier, new home closings made up 4.2% of total closings. For new and existing homes, closings grew year-over-year in October after also increasing in September year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes rose year-over-year 18.0% in October to $504,559 per unit. This lift is better than the 4.1% hike in September year-over-year.
The average mortgage size on newly sold homes saw a boost year-over-year along with new home prices. Average mortgage size rose 13.0% to $331,887 in October from a year earlier. In September 2013, average mortgage size on newly sold homes saw a 1.4% drop from a year earlier.