New Home Closings in Manchester Increase, Prices Fall According to Freshest Figures
Posted on: Mar 06, 2014 07:26:05 AM
Closings of new homes in the Manchester, NH market grew year-over-year in December, but signs of market leveling were showing as the percentage surge was less than November 2013. New home closings saw a boost of 14.3% from the year earlier to 24. This came on the heels of a 18.8% boost year-over-year in November.
A total of 271 new homes were sold during the 12 months that ended in December, up from 268 for the year that ended in November.
As a percentage of overall housing closings, new home closings accounted for 6.8% of overall housing closings. A year ago, 6.0% of total closings were new home closings. For new and existing homes, closings increased year-over-year in December after also increasing in November year-over-year.
Pricing and Mortgage Trends
The average per-unit value of new homes slid year-over-year to $341,000 in December, a fall of 4.5% from a year earlier. This decline compares to a 22.7% rise in November year-over-year.
For newly sold homes, the average mortgage size dropped year-over-year in contrast to average price of new homes. In December 2013, the average mortgage size on newly sold homes saw a 10.4% decline from a year earlier. Average mortgage size gained 12.4% in November 2013 from a year earlier.