Latest Figures Show New Home Prices Climb, Sales Decrease in Washington DC
Posted on: Jul 06, 2014 07:38:57 AM
In March, there was a decline year-over-year in new home closings in the Washington, DC market, and there were hints of worsening market conditions as the percentage drop was steeper than February 2014. New home closings saw a drop of 16.8% from the year earlier to 910. This came on the heels of a 2.2% fall year-over-year in February.
A total of 11,613 new homes were sold during the 12 months that ended in March, down from 11,797 for the year that ended in February.
New home closings accounted for 14.1% of overall housing closings. They accounted for 14.4% of closings a year earlier. For new and existing homes, closings fell in March after also declining in February year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price grew 3.1% year-over-year in March to $489,418 per unit. This boost is smaller than the 6.2% lift in February year-over-year.
The average mortgage size on newly sold homes saw a bump year-over-year along with new home prices. The average mortgage size rose to $417,098 in March, marking a 3.8% boost compared with a year earlier. In February 2014, average mortgage size on newly sold homes saw a 6.0% hike year-over-year from a year earlier.