New Home Prices Climb in Baltimore According to Newest Figures, Sales Decrease
Posted on: Jul 06, 2014 07:02:47 AM
In the Baltimore, MD market in March, new home closings slid year-over-year, and there were signs of worsening market conditions as the percentage fall was steeper than February 2014. New home closings saw a decline of 12.1% from the year earlier to 275. This came after a 5.8% decline year-over-year in February.
A total of 3,646 new homes were sold during the 12 months that ended in March, down from 3,684 for the year that ended in February.
Of the total number of closings, new home closings made up 10.2%. A year earlier, new home closings made up 10.9% of total closings. For new and existing homes, closings declined in March after also declining in February year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price gained 19.8% year-over-year in March to $459,760 per unit. This rise is an improvement over the 11.5% bump in February year-over-year.
For newly sold homes, the average mortgage size jumped year-over-year along with new home prices. In March 2014, the average mortgage size on newly sold homes saw a 20.3% boost from a year earlier. In February 2014, average mortgage size on newly sold homes saw a 8.9% bump year-over-year from a year earlier.