Recent Figures Show New Home Prices Gain, Sales Fall in Charleston
Posted on: May 06, 2013 07:06:08 AM
In the Charleston, SC market in February, closings of new homes slipped year-over-year, shifting downward off a rise in January 2013. New home closings saw a 2.8% decline from a year earlier to 138 after closings gained 17.7% in January from the year earlier.
A total of 2,423 new homes were sold during the 12 months that ended in February, down from 2,427 for the year that ended in January.
New home closings represented 16.7% of overall housing closings, down from the 18.3% of closings a year earlier. Following a year-over-year increase in January, closings of new and existing homes also increased year-over-year in February.
Pricing and Mortgage Trends
The average price of newly sold homes rose 14.0% year-over-year in February to $262,398 per unit. This is a swing up from a 3.9% decline in January from a year earlier.
For newly sold homes, the average mortgage size saw a hike year-over-year along with new home prices. The average mortgage size saw a 10.9% boost year-over-year to $226,116 in February. Average mortgage size rose 1.7% in January 2013 from a year earlier. For new home closings, the percentage of the sale price that was being financed dipped 2.4 percentage points year-over-year to 86.2% in February 2013. This came after a 5.0 percentage point rise in January from a year earlier.