Latest Figures Show New Home Sales and Prices Decrease in Baltimore
Posted on: Nov 12, 2013 07:03:22 AM
In the Baltimore, MD market, closings of new homes sank year-over-year in July, and there were hints of weakening market conditions with a percentage decline steeper than that of June 2013. New home closings saw a 10.4% decline from a year earlier to 215. This was after the housing market saw a 4.6% drop year-over-year in June.
A total of 3,277 new homes were sold during the 12 months that ended in July, down from 3,302 for the year that ended in June.
As a percentage of overall housing closings, new home closings accounted for 6.0%. This is down from the a year earlier when new home closings accounted for 8.1% of total closings. Following a year-over-year increase in June, closings of new and existing homes also jumped year-over-year in July.
Pricing and Mortgage Trends
The average price of new homes declined by 2.5% year-over-year to $420,060 per unit in July. This fall compares to a period of stability in June from a year earlier.
The average mortgage size on new homes was unchanged from a year ago at $360,682. In June 2013, average mortgage size on newly sold homes saw a 2.8% surge year-over-year from a year earlier.