Prices of New Homes Gain in Providence RI, Sales Drop According to Freshest Data
Posted on: May 13, 2014 07:34:00 AM
New home closings in the Providence, RI market dropped year-over-year in February, and the decline was similar to January 2014. New home closings moved from 18 a year earlier to 13 after the figure moved from 18 in January 2013 to 13 in January 2014.
A total of 235 new homes were sold during the 12 months that ended in February, down from 240 for the year that ended in January.
13 of the 835 total closings were new home closings, a shift on a percentage basis from 18 out of 956 a year earlier. For new and existing homes, closings fell in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average new home price was $335,616, up from $323,514 a year earlier. This was on the heels of a 12.8% lift in January year-over-year.
Average mortgage size on new homes increased to $273,077 from $231,404 last year. Average mortgage size on new homes went from $182,252 in January 2013 to $292,797 in January 2014.