New Home Closings and Prices in Richmond Rise According to Latest Figures
Posted on: Dec 06, 2013 07:39:22 AM
In the Richmond, VA market, closings of new homes jumped year-over-year in August, but with a rise less sharp than July 2013, there were suggestions the market may be stabilizing. New home closings saw a hike of 21.0% from the year earlier to 190. In comparison, new home closings in the same month last year saw a 71.3% hike year-over-year in July.
A total of 1,833 new homes were sold during the 12 months that ended in August, up from 1,800 for the year that ended in July.
Of 1,790 total closings, 190 were of new homes. This is a rise from 9.3% of closings a year earlier. For new and existing homes, closings climbed year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
In August, the average price of newly sold homes increased year-over-year to $361,272 per unit, a 12.1% bump. This lift is smaller than the 19.5% hike in July year-over-year.
Average mortgage size on new homes climbed year-over-year along with new home prices. Average mortgage size rose 9.2% to $304,333 in August from a year earlier. In July 2013, average mortgage size jumped 8.1% from a year earlier.