Freshest Numbers For Raleigh Show New Home Closings and Prices Increase
Posted on: Apr 06, 2014 07:34:53 AM
Closings of new homes in the Raleigh, NC market jumped year-over-year in January, and there were hints that the market may be gaining momentum as the percentage gain proved better than December 2013. There was a 16.0% hike in new home closings from a year earlier. This was after the housing market saw a 9.4% climb year-over-year in December.
A total of 5,868 new homes were sold during the 12 months that ended in January, up from 5,815 for the year that ended in December.
As a percentage of overall housing closings, new home closings accounted for 26.6%. This is an increase on a percentage basis, as new home closings were 23.1% of total closings a year ago. After increasing in December from a year earlier, closings of new and existing homes remained level in January.
Pricing and Mortgage Trends
The average price of new homes jumped year-over-year 9.1% in January to $306,338 per unit. This boost is smaller than the 11.6% gain in December year-over-year.
There was a boost year-over-year in the average mortgage size on new homes along with new home prices. In January 2014, the average mortgage size was $259,011, up 8.1% from a year earlier. In December 2013, average mortgage size increased 8.5% from a year earlier.