Latest Numbers For Baltimore Show New Home Closings and Prices Rise
Posted on: Feb 11, 2014 07:02:40 AM
New home closings climbed year-over-year in October in the Baltimore, MD market, but there were signals the market may be leveling out with a percentage rise shallower than September 2013. New home closings saw a 17.4% jump from a year earlier to 317. This followed a 36.8% jump year-over-year in September.
A total of 3,526 new homes were sold during the 12 months that ended in October, up from 3,479 for the year that ended in September.
As a percentage of overall housing closings, new home closings accounted for 10.8% of overall housing closings. A year ago, 10.3% of total closings were new home closings. For new and existing homes, closings climbed year-over-year in October after also increasing in September year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes increased year-over-year 9.0% in October to $458,809 per unit. This boost is better than the 5.6% rise in September year-over-year.
For newly sold homes, the average mortgage size climbed year-over-year along with new home prices. In October 2013, average mortgage size climbed 6.2% from a year earlier to $380,504. In September 2013, average mortgage size gained 5.9% from a year earlier.