New Home Prices Rise in Washington DC According to Latest Figures, Sales Decline
Posted on: Mar 06, 2014 07:45:21 AM
In the Washington, DC market, closings of new homes slid year-over-year in November, moving south after a rise in October 2013. Closings fell 6.6% from a year earlier to 872. This followed a 8.8% rise year-over-year in October.
A total of 11,392 new homes were sold during the 12 months that ended in November, down from 11,454 for the year that ended in October.
Of the total number of closings, new home closings made up 14.3%. A year ago, new home closings represented 13.5%. Following a year-over-year rise in October, closings of new and existing homes fell year-over-year in November.
Pricing and Mortgage Trends
In November, there was a 1.1% boost year-over-year in the average price of newly sold homes, reaching $495,078 per unit. This bump is smaller than the 5.2% surge in October year-over-year.
For newly sold homes, average mortgage size moved from $417,700 in November 2012 to $421,111 in November 2013. In October 2013, average mortgage size on newly sold homes saw a 3.7% boost year-over-year from a year earlier.