New Home Sales and Prices Decrease in Dover According to Newest Data
Posted on: Dec 06, 2013 07:13:12 AM
Closings of new homes sank year-over-year in August in the Dover, DE market, moving south after a hike in July 2013. New home closings saw a 31.7% decline from a year earlier to 41. In comparison, new home closings in the same month last year saw a 11.6% rise year-over-year in July.
A total of 558 new homes were sold during the 12 months that ended in August, down from 577 for the year that ended in July.
Out of all housing closings, new home closings represented 20.6%. This is down from the a year earlier when new home closings accounted for 30.5% of total closings. Following a year-over-year increase in July, closings of new and existing homes also climbed year-over-year in August.
Pricing and Mortgage Trends
The average price of new homes fell by 8.7% year-over-year to $221,163 per unit in August. This drop compares to a 4.9% gain in July year-over-year.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. In August 2013, the average mortgage size on newly sold homes saw a 6.1% drop from a year earlier. In July 2013, average mortgage size fell 7.7% from a year earlier.