New Home Sales and Prices Fall in Virginia Beach According to Freshest Data
Posted on: Mar 06, 2014 07:44:43 AM
In the Virginia Beach, VA market, new home closings fell year-over-year in November, and there were signals of weakening market conditions with a percentage drop steeper than that of October 2013. New home closings saw a drop of 14.8% from the year earlier to 155. This came on the heels of a 9.8% decline year-over-year in October.
A total of 2,224 new homes were sold during the 12 months that ended in November, down from 2,251 for the year that ended in October.
New home closings accounted for 8.3% of overall housing closings. This is down from the a year earlier when new home closings accounted for 9.9% of total closings. After rising in October from a year earlier, closings of new and existing homes stayed steady in November.
Pricing and Mortgage Trends
In November, the average per-unit price of new homes dropped by 11.2% year-over-year to $322,193. This fall compares to a 16.1% bump in October year-over-year.
For newly sold homes, the average mortgage size increased year-over-year in contrast to new home prices. In November 2013, the average mortgage size on newly sold homes saw a 1.4% boost from a year earlier. In October 2013, average mortgage size gained 16.3% from a year earlier.