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.
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.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen. Attached unit closings gained from 18.8% of all closings in February 2012 to 33.3% of closings in February 2013. Conversely, the share belonging to single-family homes slid to 66.7% of closings from 81.2% of closings.
For all new homes sold, the average unit size increased 1.4% year-over-year to 1,823 square feet in February 2013. An increase in both the average size and price of newly sold homes was also seen in January 2013 when the average size rose 11.6% to 1,569 square feet.
Foreclosures and real estate owned (REO) closings declined in February from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 26.6% of closings, below 44.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 5.8% in February from 23.1% a year earlier and REO closings moved from 21.1% of existing home closings in February 2012 to 20.8% in February 2013.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Providence, RI area.
Source: Housing Intelligence