Latest Numbers Show Prices of New Homes Climb in Charlotte, Sales Decrease
Posted on: May 06, 2013 07:06:16 AM
Closings of new homes in the Charlotte, NC market fell year-over-year in February, but there were signals of market improvement with a percentage decline less steep than in January 2013. New home closings saw a 4.0% decline from a year earlier to 337. This came on the heels of an 8.4% decline year-over-year in January.
A total of 5,248 new homes were sold during the 12 months that ended in February, down from 5,262 for the year that ended in January.
Of the total number of closings, new home closings made up 14.2%. A year ago, 14.6% of total closings were new home closings. Following a year-over-year increase in January, closings of new and existing homes dipped year-over-year in February.
Pricing and Mortgage Trends
In February, the average value of new homes saw a 9.5% rise year-over-year as it grew to $243,306 per unit. This is a swing up from the 1.0% decline in January from a year earlier.
The average mortgage size on new homes moved north year-over-year along with new home prices. It increased 7.3% in February from a year earlier to $213,844. Average mortgage size went from $202,288 in January 2012 to $200,413 in January 2013. The overall percentage of sale price that was being financed declined 1.8 percentage points year-over-year to 87.9% in February 2013. This comes after the figure remained relatively unchanged at 89.7% in January 2013.