New Home Closings and Prices in Portland Rise According to Latest Figures
Posted on: Aug 08, 2014 11:42:53 AM
There was a rise in closings of new homes in the Portland, ME market in May year-over-year,. New home closings moved from 2 a year earlier to 3 after the figure moved from none in April 2013 to 2 in April 2014.
A total of 50 new homes were sold during the 12 months that ended in May, up from 49 for the year that ended in April.
3 of the 305 total closings were new home closings, a shift on a percentage basis from 2 out of 261 a year earlier. Following a year-over-year increase in April, closings of new and existing homes also grew year-over-year in May.
Pricing and Mortgage Trends
The average price of new homes rose to $376,403 from last year's $321,331. This followed a shift to an average price of $325,000 in April 2014 after there were no closings in April 2013.
Average mortgage size on new homes went from $257,025 a year earlier to $322,871.