Prices of New Homes Gain in Charlottesville, Sales Drop According to Latest Data
Posted on: Feb 12, 2014 07:04:04 AM
New home closings fell year-over-year in October in the Charlottesville, VA market, drawing a downward slope off of a rise in September 2013. Closings dropped 37.5% from a year earlier to 15. This was after the housing market saw a 57.1% climb year-over-year in September.
A total of 223 new homes were sold during the 12 months that ended in October, down from 232 for the year that ended in September.
Of the total number of closings, new home closings made up 10.3%. A year ago, 10.5% of total closings were new home closings. For new and existing homes, closings sank in October after also declining in September year-over-year.
Pricing and Mortgage Trends
In October, the average price of newly sold homes rose year-over-year to $445,628 per unit, a 36.8% boost. This hike is smaller than the 38.3% bump in September year-over-year.
The average mortgage size on newly sold homes gained year-over-year along with the average price of new homes. In October 2013, the average mortgage size was $328,584, a 4.0% boost from a year earlier. In September 2013, average mortgage size on newly sold homes saw a 20.7% bump year-over-year from a year earlier.