Latest Figures Show New Home Sales Rise in Seattle, Prices Drop
Posted on: May 06, 2013 07:33:56 AM
There was a rise in new home closings in the Seattle, WA market in February year-over-year, but signs of market leveling were showing as the percentage lift was less than January 2013. There was a 36.3% rise in new home closings from a year earlier. This came on the heels of a 41.8% hike year-over-year in January.
A total of 6,761 new homes were sold during the 12 months that ended in February, up from 6,617 for the year that ended in January.
New home closings made up 12.0% of overall housing closings. A year earlier, new home closings represented 11.1% of total closings. For new and existing homes, closings jumped year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes declined 1.4% year-over-year in February to $384,844 per unit. The decline is a downward shift from a 2.3% rise in January year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year in contrast to new home prices. Average mortgage size increased 2.3% to $321,029 in February from a year earlier. In January 2013, average mortgage size on newly sold homes saw a 5.3% rise year-over-year from a year earlier. Of the overall sale price, the percentage that was being financed rose 3.0 percentage points year-over-year to 83.4% in February 2013. This was another rise after January 2013 when there was a 2.4 percentage point rise from a year earlier.