New Home Sales Gain in Salem According to Newest Data
Posted on: Dec 06, 2013 07:40:57 AM
New home closings in the Salem, OR market grew year-over-year in September, but with a less pronounced percentage bump than August 2013, there are suggestions of market stabilization. There was a 21.7% climb in new home closings from a year earlier. This was after the housing market saw a 73.3% boost year-over-year in August.
A total of 214 new homes were sold during the 12 months that ended in September, up from 209 for the year that ended in August.
Out of all housing closings, new home closings made up 7.1%. This is a hike from 5.8% of closings a year earlier. Closings of new and existing homes stayed level after increasing in August year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes moved to $226,572 in September 2013 from $227,015 in September 2012. This was on the heels of a 3.6% gain in August year-over-year.
For newly sold homes, the average mortgage size saw a rise year-over-year in contrast to new home prices. In September 2013, there was a 3.2% surge in the average mortgage size, reaching $199,415. Average mortgage size climbed 7.6% in August 2013 from a year earlier.