New Home Prices Rise, Sales Fall in Richmond - July 2014
Posted on: Jul 08, 2014 07:02:51 AM
In March, there was a fall year-over-year in new home closings in the Richmond, VA market, but the percentage drop was not as steep as February 2014, suggesting market improvement. New home closings saw a drop of 15.7% from the year earlier to 113. This followed a 18.8% drop year-over-year in February.
A total of 2,079 new homes were sold during the 12 months that ended in March, down from 2,100 for the year that ended in February.
Out of all housing closings, new home closings accounted for 8.6%. As a part of the whole, new home closings were 9.4% a year earlier. Following a year-over-year decline in February, closings of new and existing homes also dropped year-over-year in March.
Pricing and Mortgage Trends
In March, the average price of newly sold homes grew 11.2% year-over-year to $365,569 per unit. This rise is higher than the 4.8% gain in February year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. It rose to $306,585 in March, a 6.7% lift. In February 2014, average mortgage size on newly sold homes saw a 1.7% rise year-over-year from a year earlier.