Freshest Numbers Show Prices of New Homes Climb in Seattle, Sales Fall
Posted on: Nov 12, 2013 07:43:34 AM
New home closings in the Seattle, WA market sank year-over-year in August, sliding down after a gain in July 2013. There was a 9.8% drop in new home closings from a year earlier. This followed a 5.7% climb year-over-year in July.
A total of 6,749 new homes were sold during the 12 months that ended in August, down from 6,810 for the year that ended in July.
New home closings accounted for 8.3% of overall housing closings. This is down from the 11.2% of closings a year earlier. Closings of new and existing homes rose year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
The average price of new homes grew year-over-year in August to $432,910 per unit, a rise of 11.3%. This lift is smaller than the 19.8% boost in July year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. The average mortgage size rose to $351,118 in August, marking a 8.9% surge compared with a year earlier. Average mortgage size climbed 17.4% in July 2013 from a year earlier.