Latest Figures Show New Home Prices Increase, Sales Fall in Charlottesville
Posted on: Aug 08, 2014 11:13:41 AM
In April, the Charlottesville, VA market saw a fall year-over-year in new home closings, but the decline was less than the year-over-year decline in March. New home closings moved from 12 a year earlier to 6 after the figure moved from 11 in March 2013 to 4 in March 2014.
A total of 110 new homes were sold during the 12 months that ended in April, down from 116 for the year that ended in March.
On a percentage basis, new home closings as a part of total closings decreased to 2.9% from 5.9% a year earlier. After dropping in March from a year earlier, closings of new and existing homes increased year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes rose to $376,490 from last year's $259,670. This was on the heels of a 14.2% lift in March year-over-year.
The average mortgage size on new homes was $331,181, up from $241,983. Average mortgage size on new homes went from $253,112 in March 2013 to $272,553 in March 2014.