Charlottesville, VA - Local Housing Data - Summary

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Charlottesville, VA Local News

Recent Figures Show New Home Prices Rise, Sales Drop in Charlottesville

Posted on: Apr 06, 2014 07:07:28 AM

Closings of new homes in the Charlottesville, VA market slid year-over-year in December, and the percentage drop, which was steeper than November 2013, gave hints that the market may be worsening. New home closings saw a drop of 42.9% from the year earlier to 16. This came on the heels of a 15.4% decline year-over-year in November.

A total of 208 new homes were sold during the 12 months that ended in December, down from 220 for the year that ended in November.

As a percentage of overall housing closings, new home closings accounted for 14.0%. This is an increase on a percentage basis, as new home closings were 11.0% of total closings a year ago. For new and existing homes, closings sank in December after also declining in November year-over-year.

Pricing and Mortgage Trends

In December, the average price of newly sold homes gained 37.9% year-over-year to $430,269 per unit. This surge is an improvement over the 12.5% bump in November year-over-year.

For newly sold homes, the average mortgage size saw a rise year-over-year along with new home prices. In December 2013, average mortgage size rose 27.2% from a year earlier to $349,504. Average mortgage size went from $306,249 in November 2012 to $307,077 in November 2013.

 
 
 

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