Recent Figures Show New Home Prices Rise, Sales Decrease in Durham
Posted on: May 06, 2013 07:10:19 AM
In the Durham, NC market, new home closings declined year-over-year in February, swinging downward off a year-over-year rise in January 2013. New home closings sank by 21.8% in February 2013 from a year earlier, after closings saw a 5.5% rise in January from the year earlier.
A total of 1,372 new homes were sold during the 12 months that ended in February, down from 1,391 for the year that ended in January.
As a percentage of overall housing closings, new home closings represented 16.5%. This is down from the a year earlier when new home closings made up 17.7% of total closings. Closings of new and existing homes slid year-over-year in February after remaning steady in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose year-over-year in February to $233,728 per unit, a rise of 1.0%. This rise is smaller than the 1.4% rise in January year-over-year.
There was a gain year-over-year in the average mortgage size on new homes along with new home prices. In February 2013, the average mortgage size was $214,364, up 15.0% from a year earlier. In January 2013, average mortgage size remained level from a year earlier at $211,150. Of the overall sale price, the percentage that was being financed grew 11.1 percentage points year-over-year to 91.7% in February 2013. In January 2013, there was a 1.1 percentage point decline in January from a year earlier.