Prices of New Homes Gain in Seattle, Sales Decrease According to Latest Data
Posted on: Apr 06, 2014 07:39:25 AM
New home closings in the Seattle, WA market fell year-over-year in January, and the percentage fall that was steeper than December 2013 gave implications of worsening market conditions. New home closings saw a decline of 26.6% from the year earlier to 380. This was after the housing market saw a 4.1% decline year-over-year in December.
A total of 6,882 new homes were sold during the 12 months that ended in January, down from 7,020 for the year that ended in December.
As a percentage of overall housing closings, new home closings represented 10.1%. This is down from the 12.1% of closings a year earlier. Following a period of little movement in December from a year earlier, closings of new and existing homes slid year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes jumped year-over-year in January to $471,928 per unit, a rise of 25.4%. This surge is an improvement over the 17.7% rise in December year-over-year.
The average mortgage size on newly sold homes saw a lift year-over-year along with new home prices. In January 2014, there was a 18.8% gain in the average mortgage size, reaching $377,078. Average mortgage size rose 16.5% in December 2013 from a year earlier.