Prices of New Homes Gain in Portland, Sales Drop According to Latest Data
Posted on: Mar 07, 2013 07:29:55 AM
New home closings in the Portland, OR market declined year-over-year in December, a move downward following a rise in November 2012. Closings fell 15.6% from a year earlier to 243. This came on the heels of a 21.3% hike year-over-year in November.
A total of 2,879 new homes were sold during the 12 months that ended in December, down from 2,924 for the year that ended in November.
As a percentage of overall housing closings, new home closings made up 9.0%. This is down from the 10.4% of closings a year earlier. Following a year-over-year rise in November, closings of new and existing homes dipped year-over-year in December.
Pricing and Mortgage Trends
For newly sold homes, the average price increased 21.0% year-over-year in December to $317,559 per unit. This gain is an improvement over the 7.2% rise in November year-over-year.
For newly sold homes, the average mortgage size climbed year-over-year along with new home prices. It gained to $269,720 in December, a 15.3% bump. In November 2012, average mortgage size on newly sold homes saw a 1.5% rise year-over-year from a year earlier. For new home closings, the percentage of the sale price that was being financed fell 4.2 percentage points year-over-year to 84.9% in December 2012.