New Home Sales and Prices Both Gain in Portland According to Newest Data
Posted on: May 06, 2013 07:29:12 AM
In the Portland, ME market, closings of new homes rose year-over-year in February, and the increase was greater than January 2013. New home closings moved from six a year earlier to 11 after the figure moved from eight in January 2012 to 13 in January 2013.
A total of 156 new homes were sold during the 12 months that ended in February, up from 151 for the year that ended in January.
New home closings were 11 of the 128 total closings, up on a percentage basis from six of 121 a year earlier. Closings of new and existing homes rose year-over-year in February after also rising in January year-over-year.
Pricing and Mortgage Trends
The average new home price in February 2013 went up to $238,676 from $233,563 a year ago. This was on the heels of a 13.8% drop in January from a year earlier.
Average mortgage size on new homes rose from $186,850 to $195,183. Average mortgage size on new homes went from $252,734 in January 2012 to $233,188 in January 2013. For new home closings, the percentage of the sale price that was being financed increased 1.8 percentage points year-over-year to 81.8% in February 2013.