Richmond, VA - Local Housing Data - Summary

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Richmond, VA Local News

Prices of New Homes Climb in Richmond, Sales Decrease According to Newest Data

Posted on: Aug 08, 2014 11:45:01 AM

In the Richmond, VA market, closings of new homes declined year-over-year in April, and with a percentage fall steeper than March 2014, there were signs the market may be worsening. New home closings saw a 34.3% drop from a year earlier to 111. In comparison, new home closings in the same month last year saw a 26.2% fall year-over-year in March.

A total of 1,856 new homes were sold during the 12 months that ended in April, down from 1,914 for the year that ended in March.

As a percentage of overall housing closings, new home closings accounted for 6.9%. This is down from the a year earlier when new home closings made up 9.2% of total closings. Following a year-over-year decline in March, closings of new and existing homes also declined year-over-year in April.

Pricing and Mortgage Trends

In April, the average value of new homes saw a 5.8% surge year-over-year as it grew to $371,608 per unit. This rise is smaller than the 11.0% lift in March year-over-year.

The average mortgage size on newly sold homes increased year-over-year along with the average price of new homes. Average mortgage size jumped 17.2% to $322,737 in April from a year earlier. Average mortgage size increased 4.0% in March 2014 from a year earlier.

 
 
 

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