Recent Figures Show New Home Sales and Prices Rise in Raleigh
Posted on: Mar 06, 2014 07:35:06 AM
There was an increase in new home closings in the Raleigh, NC market in December year-over-year, but the percentage edged up less than November 2013, suggesting the market may be leveling out. There was a 10.3% boost in new home closings from a year earlier. This came on the heels of a 44.4% rise year-over-year in November.
A total of 5,785 new homes were sold during the 12 months that ended in December, up from 5,730 for the year that ended in November.
Out of all housing closings, new home closings made up 29.5%. This is down from the a year earlier when new home closings accounted for 31.6% of total closings. For new and existing homes, closings increased year-over-year in December after also increasing in November year-over-year.
Pricing and Mortgage Trends
The average price of new homes climbed year-over-year 11.5% in December to $313,847 per unit. This bump is better than the 3.6% hike in November year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In December 2013, the average mortgage size was $262,359, up 8.5% from a year earlier. In November 2013, average mortgage size on newly sold homes saw a 2.4% lift year-over-year from a year earlier.