Freshest Numbers For Salem Show New Home Closings and Prices Rise
Posted on: Mar 06, 2014 07:37:04 AM
The Salem, OR market saw an increase in closings of new homes in December year-over-year, but the increase was less than November 2013. New home closings moved from 10 a year earlier to 29 after the figure moved from 12 in November 2012 to 39 in November 2013.
A total of 305 new homes were sold during the 12 months that ended in December, up from 286 for the year that ended in November.
New home closings were 29 out of 371 total closings, making up 7.8%. This is up on a percentage basis from 10 of 358 a year earlier. For new and existing homes, closings rose year-over-year in December after also increasing in November year-over-year.
Pricing and Mortgage Trends
The average new home price was $272,548, up from $193,121 a year earlier. This followed a 18.7% hike in November year-over-year.
Average mortgage size on new homes rose from $192,400 to $237,493. Average mortgage size on new homes went from $167,511 in November 2012 to $227,846 in November 2013.