Prices of New Homes Rise in Burlington, Sales Drop According to Newest Data
Posted on: May 06, 2013 07:05:19 AM
In the Burlington, NC market, new home closings fell year-over-year in February, but the decline was less than the year-over-year decline in January. New home closings moved from 17 a year earlier to 11 after the figure moved from 14 in January 2012 to nine in January 2013.
A total of 207 new homes were sold during the 12 months that ended in February, down from 213 for the year that ended in January.
New home closings were 11 of the 142 total closings, down on a percentage basis from 17 of 132 a year earlier. Closings of new and existing homes increased year-over-year in February after also rising in January year-over-year.
Pricing and Mortgage Trends
The average new home price was $178,591 in February 2013, moving north from $156,559 a year earlier. This came after a 8.1% decline in January from a year earlier.
Average mortgage size on new homes increased to $153,759 from $142,516 last year. Average mortgage size on new homes went from $179,300 in January 2012 to $169,987 in January 2013. For new home closings, the percentage of the sale price that was being financed declined 4.9 percentage points year-over-year to 86.1% in February 2013. This was a swing downward after a 2.9 percentage point rise in January from a year earlier.