Recent Numbers Show Prices of New Homes Gain in Durham, Sales Fall
Posted on: Apr 06, 2014 07:12:06 AM
In the Durham, NC market in January, new home closings declined year-over-year, a shift downward off a bump in December 2013. Closings slid 15.5% from a year earlier to 87. This came after a 37.3% climb year-over-year in December.
A total of 1,631 new homes were sold during the 12 months that ended in January, down from 1,647 for the year that ended in December.
Out of all housing closings, new home closings made up 17.6%. This is a drop 19.3% of closings a year earlier. Following a year-over-year rise in December, closings of new and existing homes fell year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes climbed year-over-year 22.9% in January to $319,801 per unit. This boost is better than the 20.4% lift in December year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. It jumped 14.0% in January from a year earlier to $240,811. Average mortgage size climbed 14.3% in December 2013 from a year earlier.