New Home Prices Gain in Providence RI According to Latest Figures, Sales Drop
Posted on: May 06, 2013 07:29:44 AM
New home closings in the Providence, RI market slipped year-over-year in February, falling after a rise in January 2013. New home closings moved from 16 a year earlier to 15 after the figure moved from seven in January 2012 to 13 in January 2013.
A total of 227 new homes were sold during the 12 months that ended in February, down from 228 for the year that ended in January.
As a percentage of overall housing closings, new home closings represented 1.6% of overall housing closings. As a part of the whole, new home closings were 1.4% a year earlier. Closings of new and existing homes fell year-over-year in February after also falling in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes increased year-over-year 53.4% in February to $318,917 per unit. This boost is an improvement over the 36.8% gain in January year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. It climbed to $237,980 in February, a 30.6% bump. Average mortgage size on new homes went from $253,500 in January 2012 to $160,899 in January 2013.