New Home Sales and Prices Both Increase in Virginia Beach According to Newest Data
Posted on: Nov 12, 2013 07:50:20 AM
There was a rise in closings of new homes in the Virginia Beach, VA market in July year-over-year, on an upswing after a decline in June 2013. Closings moved to 218 in July 2013 from 217 a year earlier. This followed a 11.8% drop in June from the year earlier.
A total of 2,136 new homes were sold during the 12 months that ended in July, up from 2,135 for the year that ended in June.
New home closings made up 8.2% of overall housing closings. This is a drop 9.4% of closings a year earlier. For new and existing homes, closings climbed year-over-year in July after also increasing in June year-over-year.
Pricing and Mortgage Trends
In July, the average price of newly sold homes climbed year-over-year to $331,834 per unit, a 11.8% surge. This rise is smaller than the 13.8% gain in June year-over-year.
Average mortgage size on new homes increased year-over-year along with new home prices. The average mortgage size rose to $304,626 in July, marking a 12.4% gain compared with a year earlier. Average mortgage size gained 11.8% in June 2013 from a year earlier.