Prices of New Homes Gain in Seattle, Sales Drop According to Newest Data
Posted on: Jul 06, 2014 07:33:54 AM
In April, there was a decline year-over-year in new home closings in the Seattle, WA market, and the percentage drop worsened from March 2014, indicating the market may be weakening. New home closings saw a drop of 17.3% from the year earlier to 537. This came on the heels of a 5.1% drop year-over-year in March.
A total of 6,879 new homes were sold during the 12 months that ended in April, down from 6,991 for the year that ended in March.
As a percentage of overall housing closings, new home closings represented 8.7% of overall housing closings. As a part of the whole, new home closings were 9.7% a year earlier. For new and existing homes, closings declined in April after also declining in March year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 11.4% gain year-over-year to $450,329 per unit in April. This rise is smaller than the 13.2% surge in March year-over-year.
For newly sold homes, the average mortgage size saw a bump year-over-year along with new home prices. The average mortgage size saw a 10.1% boost year-over-year to $366,288 in April. In March 2014, average mortgage size on newly sold homes saw a 11.8% gain year-over-year from a year earlier.