New Home Sales and Prices Both Gain in Charleston According to Freshest Data
Posted on: Mar 06, 2014 07:07:09 AM
Closings of new homes gained year-over-year in December in the Charleston, SC market, and the percentage bump was sharper than November 2013, hinting that the market may be strengthening. New home closings saw a jump of 29.3% from the year earlier to 269. In comparison, new home closings in the same month last year saw a 10.4% climb year-over-year in November.
A total of 2,847 new homes were sold during the 12 months that ended in December, up from 2,786 for the year that ended in November.
New home closings accounted for 22.4% of overall housing closings. This is an increase on a percentage basis, as new home closings were 18.9% of total closings a year ago. For new and existing homes, closings gained year-over-year in December after also increasing in November year-over-year.
Pricing and Mortgage Trends
In December, there was a 16.0% boost year-over-year in the average price of newly sold homes, reaching $295,727 per unit. This gain is smaller than the 20.1% boost in November year-over-year.
For newly sold homes, the average mortgage size increased year-over-year along with new home prices. In December 2013, there was a 18.7% rise in the average mortgage size, reaching $254,640. In November 2013, average mortgage size on newly sold homes saw a 13.7% bump year-over-year from a year earlier.