New Home Closings and Prices in Providence RI Rise According to Freshest Figures
Posted on: Nov 12, 2013 07:37:58 AM
The Providence, RI market saw an increase in closings of new homes in August year-over-year, rising after a decline in July 2013. Closings increased 25.0% from a year earlier to 20. This followed a 9.5% fall year-over-year in July.
A total of 225 new homes were sold during the 12 months that ended in August, up from 221 for the year that ended in July.
As a percentage of overall housing closings, new home closings made up 1.1% of overall housing closings. A year ago, new home closings made up 0.9%. For new and existing homes, closings jumped year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 17.8% boost year-over-year to $266,737 per unit in August. This lift is smaller than the more than twofold boost in July year-over-year.
Average mortgage size on new homes increased year-over-year along with new home prices. In August 2013, the average mortgage size was $210,778, up 9.1% from a year earlier. Average mortgage size grew 49.8% in July 2013 from a year earlier.