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.