Prices of New Homes Increase in Dover, Sales Fall According to Latest Data
Posted on: Mar 06, 2014 07:11:40 AM
Closings of new homes in the Dover, DE market fell year-over-year in November, swinging downward off a year-over-year lift in October 2013. Closings dropped 6.8% from a year earlier to 55. This came on the heels of a 40.0% climb year-over-year in October.
A total of 583 new homes were sold during the 12 months that ended in November, down from 587 for the year that ended in October.
New home closings made up 30.4% of overall housing closings. This is down from the a year earlier when new home closings represented 36.4% of total closings. For new and existing homes, closings increased year-over-year in November after also increasing in October year-over-year.
Pricing and Mortgage Trends
The average price of new homes gained year-over-year in November to $257,318 per unit, a rise of 4.9%. This hike follows a move from $244,156 per unit in October 2012 to $245,379 in October 2013.
For newly sold homes, the average mortgage size saw a surge year-over-year along with new home prices. It jumped to $225,471 in November, a 4.9% surge. It went from $225,905 to $225,015 from October 2012 to October 2013.