Newest Numbers Show Prices of New Homes Rise in Virginia Beach, Sales Fall
Posted on: Apr 06, 2014 07:44:36 AM
New home closings in the Virginia Beach, VA market declined year-over-year in December, but the market seemed to be hinting at improvement with a percentage fall less steep than in November 2013. There was a 4.8% drop in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 15.3% drop year-over-year in November.
A total of 2,294 new homes were sold during the 12 months that ended in December, down from 2,303 for the year that ended in November.
Of the total number of closings, new home closings made up 8.8%. As a part of the whole, new home closings were 9.6% a year earlier. Following a year-over-year increase in November, closings of new and existing homes also grew year-over-year in December.
Pricing and Mortgage Trends
The average price of new homes was $321,491 per unit in December, up 10.3%from a year earlier. This hike compares to a 10.8% decline in November from a year earlier.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In December 2013, average mortgage size increased 8.7% from a year earlier to $291,334. In November 2013, average mortgage size grew 1.8% from a year earlier.