New Home Prices Rise, Sales Drop in Baltimore - August 2014
Posted on: Aug 09, 2014 07:00:27 AM
In April, there was a decline year-over-year in new home closings in the Baltimore, MD market, and the percentage drop, which was steeper than March 2014, gave signals that the market may be worsening. New home closings saw a 23.3% fall from a year earlier to 207. This was after the housing market saw a 12.7% fall year-over-year in March.
A total of 3,555 new homes were sold during the 12 months that ended in April, down from 3,618 for the year that ended in March.
New home closings accounted for 7.1% of overall housing closings. This is a fall 8.3% of closings a year earlier. Closings of new and existing homes saw a decline year-over-year in April after remaining steady in March year-over-year.
Pricing and Mortgage Trends
In April, there was a 14.7% hike year-over-year in the average price of newly sold homes, reaching $463,706 per unit. This bump is smaller than the 19.9% boost in March year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In April 2014, there was a 12.8% rise in the average mortgage size, reaching $385,494. In March 2014, average mortgage size rose 20.3% from a year earlier.