Freshest Numbers For Raleigh Show New Home Closings and Prices Increase
Posted on: Jul 06, 2014 07:30:08 AM
In the Raleigh, NC market, new home closings grew year-over-year in April, but as the percentage increased less than March 2014, the market seemed to show signs of leveling. There was a 14.2% rise in new home closings from a year earlier. This was after the housing market saw a 19.3% rise year-over-year in March.
A total of 6,128 new homes were sold during the 12 months that ended in April, up from 6,063 for the year that ended in March.
As a percentage of overall housing closings, new home closings made up 22.9%. This is a rise from 18.6% of closings a year earlier. Following a year-over-year increase in March, closings of new and existing homes slid year-over-year in April.
Pricing and Mortgage Trends
For newly sold homes, the average price jumped 10.3% year-over-year in April to $326,843 per unit. This surge is better than the 7.6% boost in March year-over-year.
The average mortgage size on newly sold homes jumped year-over-year along with the average price of new homes. In April 2014, the average mortgage size was $267,687, a 7.3% surge from a year earlier. In March 2014, average mortgage size climbed 7.3% from a year earlier.