New Home Prices Rise in Washington DC According to Recent Figures, Sales Drop
Posted on: Aug 08, 2014 11:55:56 AM
In April, there was a decline year-over-year in new home closings in the Washington, DC market, but the decline in percentage terms was not as steep as March 2014, signaling that the market may be evening out. Closings slid 14.7% from a year earlier to 740. This came after a 18.6% decline year-over-year in March.
A total of 11,276 new homes were sold during the 12 months that ended in April, down from 11,404 for the year that ended in March.
Of the total number of closings, new home closings made up 9.9%. A year ago, new home closings made up 10.4%. For new and existing homes, closings sank in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average price of new homes grew year-over-year in April to $508,861 per unit, a rise of 8.3%. This lift is higher than the 3.2% rise in March year-over-year.
Average mortgage size on new homes climbed year-over-year along with new home prices. In April 2014, the average mortgage size was $429,100, a 7.1% bump from a year earlier. In March 2014, average mortgage size jumped 4.0% from a year earlier.