Freshest Figures Show New Home Prices Increase, Sales Fall in Hagerstown
Posted on: Jul 06, 2014 07:14:58 AM
In March, there was a drop year-over-year in new home closings in the Hagerstown, MD market, and the decline was by a larger percentage than the February 2014. New home closings moved from 10 a year earlier to 6 after the figure moved from 10 in February 2013 to 8 in February 2014.
A total of 107 new homes were sold during the 12 months that ended in March, down from 111 for the year that ended in February.
On a percentage basis, new home closings as a part of total closings decreased to 5.6% from 6.8% a year earlier. Following a year-over-year rise in February, closings of new and existing homes slid year-over-year in March.
Pricing and Mortgage Trends
The average price of new homes rose to $276,649 from last year's $231,989. This was on the heels of a 32.4% hike in February year-over-year.
Average mortgage size on new homes increased to $249,794 from $190,453 last year. Average mortgage size on new homes went from $194,322 in February 2013 to $261,822 in February 2014.