New Home Closings and Prices in Salem Gain According to Latest Figures
Posted on: Apr 06, 2014 07:37:02 AM
In the Salem, OR market in January, new home closings rose year-over-year, but the increase was less than December 2013. New home closings moved from 9 a year earlier to 15 after the figure moved from 11 in December 2012 to 29 in December 2013.
A total of 311 new homes were sold during the 12 months that ended in January, up from 305 for the year that ended in December.
New home closings were 15 of the 228 total closings, up on a percentage basis from 9 of 269 a year earlier. Following a year-over-year increase in December, closings of new and existing homes fell year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes rose to $224,119 from last year's $199,688. This followed a 41.7% surge in December year-over-year.
From the year-ago figure of $182,607, the average mortgage size on new homes moved up to $193,432. Average mortgage size on new homes went from $186,840 in December 2012 to $237,493 in December 2013.