Recent Figures Show New Home Prices Gain, Sales Drop in Providence RI
Posted on: Apr 06, 2014 07:34:13 AM
Closings of new homes fell year-over-year in January in the Providence, RI market, but the decline was less than the year-over-year decline in December. New home closings moved from 18 a year earlier to 13 after the figure moved from 29 in December 2012 to 17 in December 2013.
A total of 239 new homes were sold during the 12 months that ended in January, down from 244 for the year that ended in December.
New home closings were 13 out of the 1,048 total closings, a move on a percentage basis from 18 of 1,092 a year earlier. Closings of new and existing homes dropped year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $344,384 from last year's $305,373. This followed a 27.1% drop in December from a year earlier.
Average mortgage size on new homes rose from $182,252 to $292,797. Average mortgage size declined 3.5% in December 2013 from a year earlier.