Freshest Figures Show New Home Prices Gain, Sales Drop in Salem
Posted on: May 06, 2013 07:31:58 AM
New home closings in the Salem, OR market slid year-over-year in February, and the decline was by a larger percentage than the January 2013. New home closings moved from 13 a year earlier to eight after the figure moved from 14 in January 2012 to nine in January 2013.
A total of 151 new homes were sold during the 12 months that ended in February, down from 156 for the year that ended in January.
New home closings were eight of the 278 total closings, down on a percentage basis from 13 of 307 a year earlier. Following a year-over-year decline in January, closings of new and existing homes also fell year-over-year in February.
Pricing and Mortgage Trends
The average per-unit price of new homes was $239,234 in February 2013, up from $234,510 a year ago. This followed a 3.9% decline in January from a year earlier.
From the year-ago figure of $204,357, the average mortgage size on new homes moved up to $206,694. Average mortgage size on new homes went from $163,893 in January 2012 to $182,607 in January 2013. On aveage, the percentage of new home sale price that was being financed went from 87.1% of average price to 86.4% from a year earlier. In January 2013, the figure saw a 12.5 percentage point bump from the year earlier.