New Home Sales and Prices Both Rise in Washington DC According to Freshest Data
Posted on: Dec 06, 2013 07:49:40 AM
The Washington, DC market saw a rise in new home closings in August year-over-year, but the market seemed to show signs of evening out as the percentage jumped was less than in July 2013. New home closings saw a 3.1% climb from a year earlier to 1,023. In comparison, new home closings in the same month last year saw a 9.1% hike year-over-year in July.
A total of 11,195 new homes were sold during the 12 months that ended in August, up from 11,164 for the year that ended in July.
Out of all housing closings, new home closings accounted for 11.9%. A year ago, 12.3% of total closings were new home closings. For new and existing homes, closings grew year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
The average price of new homes increased year-over-year in August to $487,461 per unit, a rise of 1.7%. This boost is smaller than the 5.6% surge in July year-over-year.
There was a bump year-over-year in the average mortgage size on new homes along with new home prices. It climbed to $412,076 in August, a 1.8% surge. Average mortgage size increased 5.8% in July 2013 from a year earlier.