The Freshest Digits Indicate New Home Closings and Prices Fall in Olympia
Posted on: Jan 07, 2014 07:00:17 AM
New home closings fell year-over-year in September in the Olympia, WA market, drawing a downward slope off of a rise in August 2013. New home closings saw a drop of 27.0% from the year earlier to 46. This came after a 39.4% jump year-over-year in August.
A total of 721 new homes were sold during the 12 months that ended in September, down from 738 for the year that ended in August.
New home closings represented 12.5% of overall housing closings. This is down from the 18.7% of closings a year earlier. Following a year-over-year increase in August, closings of new and existing homes also increased year-over-year in September.
Pricing and Mortgage Trends
In September, the average price of newly sold homes sank year-over-year to $264,134 per unit, marking a 2.3% decline from the year-earlier figure. This decline compares to a 8.8% hike in August year-over-year.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. Average mortgage size dropped by 2.1% from a year earlier, settling at $245,979 in September. In August 2013, average mortgage size on newly sold homes saw a 11.9% rise year-over-year from a year earlier.