Latest Figures Show New Home Sales Climb in Baltimore
Posted on: May 06, 2013 07:02:54 AM
Closings of new homes gained year-over-year in January in the Baltimore, MD market, and the percentage rise was higher than December 2012, implying the market may be improving. New home closings saw a climb of 14.3% from the year earlier to 200. This was after the housing market saw a 12.1% jump year-over-year in December.
A total of 3,277 new homes were sold during the 12 months that ended in January, up from 3,252 for the year that ended in December.
As a percentage of overall housing closings, new home closings accounted for 10.0% of overall housing closings. A year ago, new home closings made up 9.8%. Following a year-over-year increase in December, closings of new and existing homes also grew year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes went from $383,685 in January 2012 to $385,322 in January 2013. This was on the heels of a 5.7% rise in December year-over-year.
The average mortgage size on newly sold homes saw a decline year-over-year in contrast to new home prices. In January 2013, average mortgage size declined 4.6% from a year earlier to $330,539. Average mortgage size rose 4.3% in December 2012 from a year earlier. Of the overall sale price, the percentage that was being financed slipped 4.5 percentage points year-over-year to 85.8% in January 2013.