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Washington, DC Local News

Washington, DC - Latest Figures for New Home Sales Suggest Market Fall is Subsiding

Posted on: Feb 06, 2012 09:45:55 AM

In the Washington, DC market in October, new home sales fell year-over-year, but the percentage decline was an improvement from September 2011, suggesting the market may be evening out. Sales fell 9.5% from a year earlier to 716, compared with an 18.9% drop in September from the year earlier.

A total of 8,977 new homes were sold during the 12 months that ended in October, down from 9,052 for the year that ended in September.

As a percentage of overall housing sales, new home sales made up 13.6%. This marks a rise from 12.2% of total sales a year earlier. Following a year-over-year decline in September, sales of new and existing homes also slid year-over-year in October.

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Pricing and Mortgage Trends

From October 2010 to October 2011, the average price of newly sold homes went from $446,402 to $447,094. This came after a 4.0% rise in September year-over-year.

In October 2011, average mortgage size on new homes went from $372,893 in October 2010 to $369,229 in October 2011. It went from $369,330 to $371,965 from September 2010 to September 2011. The overall percentage of sale price that was being financed went from 83.5% of average price to 82.6% from a year earlier. In September 2011, the figure slipped 2.6 percentage points from the year earlier.

 
 
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