New Home Sales and Prices Decline in Virginia Beach - August 2014
Posted on: Aug 09, 2014 07:02:56 AM
New home closings in the Virginia Beach, VA market slid year-over-year in April, but compared with March 2014, the percentage decline was less steep, hinting the market may be strengthening. Closings slid 68.9% from a year earlier to 51. This came after a 75.7% drop year-over-year in March.
A total of 1,399 new homes were sold during the 12 months that ended in April, down from 1,512 for the year that ended in March.
New home closings represented 2.3% of overall housing closings. This is down from the 6.6% of closings a year earlier. Closings of new and existing homes declined year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
The average per-unit value of new homes fell year-over-year to $309,261 in April, a fall of 1.4% from a year earlier. This fall compares to a 8.4% rise in March year-over-year.
The average mortgage size on newly sold homes slid year-over-year in contrast to the average price of new homes. It slid 3.2% in April from a year earlier, reaching $278,091. In March 2014, average mortgage size jumped 5.3% from a year earlier.