New Home Sales and Prices Both Rise in Portland According to Latest Data
Posted on: Nov 12, 2013 07:37:16 AM
In August, there was an increase in closings of new homes in the Portland, ME market year-over-year, but the increase was less than July 2013. New home closings moved from 17 a year earlier to 21 after the figure moved from 9 in July 2012 to 23 in July 2013.
A total of 186 new homes were sold during the 12 months that ended in August, up from 182 for the year that ended in July.
Of the total number of closings, new home closings made up 7.0%. They accounted for 6.9% of closings a year earlier. For new and existing homes, closings grew year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
In August, the average value of new homes saw a 86.3% hike year-over-year as it grew to $507,455 per unit. This rise is an improvement over the 2.0% lift in July year-over-year.
Average mortgage size on new homes gained year-over-year along with new home prices. The average mortgage size rose to $412,285 in August, marking a 85.8% lift compared with a year earlier. Average mortgage size on new homes went from $219,959 in July 2012 to $210,784 in July 2013.