New Home Closings and Prices in Durham Fall According to Recent Figures
Posted on: Aug 08, 2014 11:19:03 AM
In the Durham, NC market, new home closings dropped year-over-year in May, moving downward after a surge in April 2014. New home closings saw a 23.2% drop from a year earlier to 136. This came after a 15.7% boost year-over-year in April.
A total of 1,568 new homes were sold during the 12 months that ended in May, down from 1,609 for the year that ended in April.
As a percentage of overall housing closings, new home closings represented 14.4%. This is down from the a year earlier when new home closings accounted for 17.6% of total closings. Following a year-over-year decline in April, closings of new and existing homes also sank year-over-year in May.
Pricing and Mortgage Trends
The average price of new homes fell 3.9% year-over-year in May to $282,407 per unit. This fall compares to a 6.1% surge in April year-over-year.
The average mortgage size on newly sold homes saw a drop year-over-year in contrast to new home prices. It dropped 3.9% in May from a year earlier, reaching $218,186. Average mortgage size went from $248,191 in April 2013 to $248,605 in April 2014.