New Home Sales and Prices Drop in Salisbury According to Latest Data
Posted on: May 06, 2013 07:32:16 AM
In the Salisbury, MD market, closings of new homes declined year-over-year in January, and the decline was by a larger percentage than the December 2012. New home closings moved from six a year earlier to three after the figure moved from eight in December 2011 to five in December 2012.
A total of 60 new homes were sold during the 12 months that ended in January, down from 63 for the year that ended in December.
Three of the 77 total closings were new home closings, a shift on a percentage basis from six out of 172 a year earlier. Following a year-over-year rise in December, closings of new and existing homes slid year-over-year in January.
Pricing and Mortgage Trends
The average per-unit price of new homes was $160,500, compared with $169,331 last year. This was on the heels of a 20.7% decline in December from a year earlier.
Average mortgage size on newly sold homes saw a decline year-over-year from $162,067 to $156,600. Average mortgage size on new homes went from $190,178 in December 2011 to $179,137 in December 2012. The overall percentage of sale price that was being financed rose 1.9 percentage points year-over-year to 97.6% in January 2013. This was another lift after December 2012 when there was a 15.0 percentage point surge from a year earlier.