New Home Sales and Prices Both Gain in Richmond According to Recent Data
Posted on: Apr 06, 2014 07:35:32 AM
There was a rise in new home closings in the Richmond, VA market in December year-over-year, and the percentage lift was sharper than November 2013, hinting that the market may be strengthening. Closings increased 50.0% from a year earlier to 201. This followed a 9.2% jump year-over-year in November.
A total of 2,061 new homes were sold during the 12 months that ended in December, up from 1,994 for the year that ended in November.
New home closings accounted for 14.5% of overall housing closings. This is better than the 10.0% of closings a year earlier. Following a decline in November year-over-year, closings of new and existing homes climbed year-over-year in December.
Pricing and Mortgage Trends
The average price of new homes was $340,909 per unit in December, up 5.0%from a year earlier. This boost is smaller than the 10.9% lift in November year-over-year.
The average mortgage size on newly sold homes saw a gain year-over-year along with new home prices. In December 2013, the average mortgage size on newly sold homes saw a 6.5% boost from a year earlier. In November 2013, average mortgage size on newly sold homes saw a 6.6% gain year-over-year from a year earlier.