New Home Closings and Prices Decrease in Burlington - September 2014
Posted on: Sep 12, 2014 07:00:37 AM
The Burlington, NC market saw a drop in new home closings year-over-year in June, falling after a rise in May 2014. New home closings moved from 21 a year earlier to 20 after the figure moved from 13 in May 2013 to 17 in May 2014.
A total of 252 new homes were sold during the 12 months that ended in June, down from 253 for the year that ended in May.
Compared to a year earlier, new home closings as a percentage of total closings stayed the same at 10.1%. Following a year-over-year increase in May, closings of new and existing homes slid year-over-year in June.
Pricing and Mortgage Trends
In June, there was a 2.0% decline year-over-year in the average per-unit price of newly sold homes, settling at $197,555. This fall is a drop off from the 2.3% decline in May from a year earlier.
For newly sold homes, the average mortgage size declined year-over-year in contrast to average price of new homes. Average mortgage size slid by 11.7% from a year earlier, settling at $180,403 in June. Average mortgage size on new homes went from $160,129 in May 2013 to $169,782 in May 2014.