New Home Sales and Prices Both Rise in Baltimore According to Recent Data
Posted on: Apr 06, 2014 07:03:16 AM
Closings of new homes in the Baltimore, MD market climbed year-over-year in December, but the percentage rise was less than November 2013, suggesting the market may be leveling. There was a 4.7% rise in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 6.5% boost year-over-year in November.
A total of 3,657 new homes were sold during the 12 months that ended in December, up from 3,642 for the year that ended in November.
Of the total number of closings, new home closings made up 11.9%. They accounted for 11.0% of closings a year earlier. For new and existing homes, closings dropped in December after also declining in November year-over-year.
Pricing and Mortgage Trends
In December, the average price of newly sold homes rose year-over-year to $468,155 per unit, a 8.8% gain. This gain is smaller than the 11.1% hike in November year-over-year.
For newly sold homes, the average mortgage size jumped year-over-year along with new home prices. Average mortgage size climbed 14.7% to $388,247 in December from a year earlier. Average mortgage size grew 4.5% in November 2013 from a year earlier.