New Home Sales Rise in Richmond, Prices Fall According to Newest Data
Posted on: May 06, 2013 07:30:52 AM
In the Richmond, VA market in January, closings of new homes rose year-over-year, moving up after a decline in December 2012. New home closings saw a 15.3% jump from a year earlier to 98. This followed a 31.0% decline year-over-year in December.
A total of 1,599 new homes were sold during the 12 months that ended in January, up from 1,586 for the year that ended in December.
As a percentage of overall housing closings, new home closings made up 9.4% of overall housing closings. A year ago, new home closings accounted for 8.5%. After dropping in December from a year earlier, closings of new and existing homes rose year-over-year in January.
Pricing and Mortgage Trends
In January, the average price for new homes was $338,041, a 3.2% decline from last year. This is a swing down from the 6.0% rise in December year-over-year.
For newly sold homes, the average mortgage size saw a rise year-over-year in contrast to new home prices. In January 2013, the average mortgage size on newly sold homes saw a 1.8% rise from a year earlier. It went from $272,527 to $274,802 from December 2011 to December 2012. Of the overall sale price, the percentage that was being financed increased 4.3 percentage points year-over-year to 87.8% in January 2013. This came after a 4.4 percentage point decline in December from a year earlier.