New Home Closings and Prices in Richmond Climb According to Latest Figures
Posted on: Mar 06, 2014 07:35:46 AM
New home closings climbed year-over-year in November in the Richmond, VA market, but as the percentage increased less than October 2013, the market seemed to show signs of leveling. New home closings saw a 9.2% jump from a year earlier to 190. In comparison, new home closings in the same month last year saw a 13.5% rise year-over-year in October.
A total of 1,990 new homes were sold during the 12 months that ended in November, up from 1,974 for the year that ended in October.
Out of all housing closings, new home closings represented 13.9%. This is an increase on a percentage basis, as new home closings were 12.2% of total closings a year ago. Closings of new and existing homes slid year-over-year in November after also falling in October year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 10.9% lift year-over-year in November to $356,875 per unit. This boost is higher than the 4.2% surge in October year-over-year.
For newly sold homes, the average mortgage size grew year-over-year along with new home prices. In November 2013, the average mortgage size was $301,960, a 6.6% boost from a year earlier. Average mortgage size went from $296,743 in October 2012 to $297,745 in October 2013.