Newest Figures Show New Home Sales and Prices Increase in Portland
Posted on: Jul 06, 2014 07:29:08 AM
In April, closings of new homes in the Portland, OR market rose year-over-year, and the market showed signs of strengthening as the percentage bump turned out sharper than March 2014. New home closings saw a jump of 32.7% from the year earlier to 345. This came after a 1.2% jump year-over-year in March.
A total of 3,740 new homes were sold during the 12 months that ended in April, up from 3,655 for the year that ended in March.
As a percentage of overall housing closings, new home closings represented 9.3%. This is an increase on a percentage basis, as new home closings were 6.9% of total closings a year ago. For new and existing homes, closings fell in April after also declining in March year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 3.5% lift year-over-year in April to $333,329 per unit. This bump is smaller than the 6.2% hike in March year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In April 2014, the average mortgage size was $283,457, a 1.6% surge from a year earlier. In March 2014, average mortgage size on newly sold homes saw a 5.5% hike year-over-year from a year earlier.