Latest Numbers For Raleigh Show New Home Closings Climb
Posted on: Aug 08, 2014 11:44:20 AM
There was a rise in new home closings in the Raleigh, NC market in May year-over-year, but as the percentage gained less than April 2014, the market seemed to show signs of leveling. There was a 7.3% climb in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 13.5% rise year-over-year in April.
A total of 6,107 new homes were sold during the 12 months that ended in May, up from 6,068 for the year that ended in April.
Out of all housing closings, new home closings made up 22.6%. This is a hike from 20.3% of closings a year earlier. Closings of new and existing homes sank year-over-year in May after also falling in April year-over-year.
Pricing and Mortgage Trends
From May 2013 to May 2014, the average price of newly sold homes went from $313,772 to $311,433. This was on the heels of a 10.8% bump in April year-over-year.
In May 2014, average mortgage size on new homes went from $262,532 in May 2013 to $260,213 in May 2014. In April 2014, average mortgage size on newly sold homes saw a 7.5% gain year-over-year from a year earlier.