New Home Sales and Prices Fall in Hagerstown According to Newest Data
Posted on: May 06, 2013 07:14:58 AM
New home closings slid year-over-year in January in the Hagerstown, MD market, sliding after a growth in December 2012. New home closings moved from 10 a year earlier to seven after the figure moved from 12 in December 2011 to 17 in December 2012.
A total of 105 new homes were sold during the 12 months that ended in January, down from 108 for the year that ended in December.
Out of 96 total closings, seven were of new homes, which makes up a smaller percentage than the 10 out of 100 total closings last year. Following a year-over-year increase in December, closings of new and existing homes declined year-over-year in January.
Pricing and Mortgage Trends
The average new home price in January 2013 went down to $253,364 from $303,701 last year. This followed a 51.9% bump in December year-over-year.
The average mortgage size moved to $247,778, down from last year's $253,918. Average mortgage size on new homes went from $168,557 in December 2011 to $261,920 in December 2012. For new home closings, the percentage of the sale price that was being financed increased 14.2 percentage points year-over-year to 97.8% in January 2013.