Newest Numbers For Durham Show New Home Closings and Prices Gain
Posted on: Jul 06, 2014 07:10:33 AM
Closings of new homes in the Durham, NC market gained year-over-year in April, recovering from a decline in March 2014. New home closings saw a jump of 16.5% from the year earlier to 120. This followed a 26.3% fall year-over-year in March.
A total of 1,649 new homes were sold during the 12 months that ended in April, up from 1,632 for the year that ended in March.
Of 763 total closings, 120 were of new homes. This is an increase on a percentage basis, as new home closings were 12.9% of total closings a year ago. Closings of new and existing homes slid year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes rose year-over-year to $310,133 in April, up 6.1% from last year. This bump is smaller than the 17.3% hike in March year-over-year.
In April 2014, average mortgage size on newly sold homes moved from $247,703 to $246,378 from April 2013. In March 2014, average mortgage size climbed 10.8% from a year earlier.