Latest Numbers For Raleigh Show New Home Closings and Prices Gain
Posted on: Dec 06, 2013 07:38:42 AM
In September, closings of new homes in the Raleigh, NC market grew year-over-year, and there were suggestions of strengthening market conditions as the percentage surge was sharper than August 2013. New home closings saw a jump of 20.2% from the year earlier to 488. This came on the heels of a 14.7% jump year-over-year in August.
A total of 5,437 new homes were sold during the 12 months that ended in September, up from 5,355 for the year that ended in August.
Out of all housing closings, new home closings accounted for 22.7%. This is down from the a year earlier when new home closings represented 24.0% of total closings. Closings of new and existing homes gained year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $292,515 per unit in September, up 9.4%from a year earlier. This gain is an improvement over the 8.3% boost in August year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. The average mortgage size rose to $247,235 in September, marking a 7.6% surge compared with a year earlier. In August 2013, average mortgage size rose 3.5% from a year earlier.