Prices of New Homes Increase in Seattle, Sales Drop According to Recent Data
Posted on: Aug 08, 2014 11:49:18 AM
In the Seattle, WA market, new home closings dropped year-over-year in May, and there were hints of weakening market conditions with a percentage drop steeper than that of April 2014. There was a 76.2% drop in new home closings from a year earlier. This followed a 71.7% drop year-over-year in April.
A total of 4,537 new homes were sold during the 12 months that ended in May, down from 5,005 for the year that ended in April.
Out of all housing closings, new home closings represented 2.4%. This is down from the a year earlier when new home closings accounted for 8.6% of total closings. For new and existing homes, closings dropped in May after also declining in April year-over-year.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes increased year-over-year to $596,751 in May, up 43.8% from last year. This hike is higher than the 16.9% boost in April year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. It increased 27.5% in May from a year earlier to $435,645. In April 2014, average mortgage size on newly sold homes saw a 14.1% surge year-over-year from a year earlier.