New Home Prices Climb in Virginia Beach According to Latest Figures, Sales Drop
Posted on: Jul 06, 2014 07:38:25 AM
Closings of new homes sank year-over-year in March in the Virginia Beach, VA market, and the percentage fall was steeper than February 2014, suggesting the market may be worsening. There was a 34.0% decline in new home closings from a year earlier. This came after a 26.4% drop year-over-year in February.
A total of 2,204 new homes were sold during the 12 months that ended in March, down from 2,276 for the year that ended in February.
As a percentage of overall housing closings, new home closings made up 6.6%. This is a fall 9.2% of closings a year earlier. Following a year-over-year decline in February, closings of new and existing homes also declined year-over-year in March.
Pricing and Mortgage Trends
The average price of new homes was $310,492 per unit in March, up 6.6%from a year earlier. This bump is smaller than the 12.8% gain in February year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. Average mortgage size rose 4.5% to $275,988 in March from a year earlier. In February 2014, average mortgage size jumped 8.7% from a year earlier.