Latest Numbers For Charleston Show New Home Closings and Prices Gain
Posted on: May 13, 2014 07:07:17 AM
In the Charleston, SC market, closings of new homes rose year-over-year in February, and the percentage boost was greater than January 2014, giving hints of improving market conditions. Closings climbed 15.2% from a year earlier to 189. This came on the heels of a 4.9% rise year-over-year in January.
A total of 2,893 new homes were sold during the 12 months that ended in February, up from 2,868 for the year that ended in January.
Of 878 total closings, 189 were of new homes. This is better than the 17.6% of closings a year earlier. After rising year-over-year in January, closings of new and existing homes sank year-over-year in February.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes grew year-over-year to $308,710 in February, up 19.4% from last year. This lift is an improvement over the 10.8% boost in January year-over-year.
Average mortgage size on new homes rose year-over-year along with new home prices. The average mortgage size saw a 9.0% gain year-over-year to $245,933 in February. Average mortgage size climbed 3.3% in January 2014 from a year earlier.