New Home Prices Rise in Virginia Beach According to Recent Figures, Sales Decrease
Posted on: May 06, 2013 07:38:24 AM
Closings of new homes in the Virginia Beach, VA market dipped year-over-year in January, but the decline in percentage terms was not as steep as December 2012, signaling market improvement. New home closings saw a decline of 5.0% from the year earlier to 115 after closings slid 32.5% in December from the year earlier.
A total of 2,198 new homes were sold during the 12 months that ended in January, down from 2,204 for the year that ended in December.
Following a year-over-year decline in December, closings of new and existing homes also declined year-over-year in January.
Pricing and Mortgage Trends
Average price of newly sold homes had a 10.7% boost year-over-year to $311,855 per unit in January. This is an about-face from the 11.0% drop in December from a year earlier.
The average mortgage size on newly sold homes climbed year-over-year along with the average price of new homes. It increased to $287,612 in January, a 15.6% rise. In December 2012, average mortgage size on newly sold homes saw an 8.3% decline from a year earlier. Of the overall sale price, the percentage that was being financed rose 3.9 percentage points year-over-year to 92.2% in January 2013. This was another rise after December 2012 when there was a 2.8 percentage point rise from a year earlier.