Recent Figures Show New Home Prices Increase, Sales Fall in Washington DC
Posted on: Apr 06, 2014 07:45:15 AM
In the Washington, DC market in December, new home closings fell year-over-year, but the market seemed to be suggesting improvement with a percentage drop less steep than in November 2013. Closings went from 1,214 in December 2012 to 1,204 in December 2013. This came on the heels of a 5.7% decline in November from the year earlier.
A total of 11,438 new homes were sold during the 12 months that ended in December, down from 11,448 for the year that ended in November.
Out of all housing closings, new home closings represented 17.1%. A year ago, 17.3% of total closings were new home closings. Closings of new and existing homes remained steady in December after falling in November year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $508,464 per unit in December, up 2.2%from a year earlier. This gain is higher than the 1.2% boost in November year-over-year.
For newly sold homes, the average mortgage size dropped year-over-year in contrast to average price of new homes. It fell 1.4% in December from a year earlier, reaching $419,354. Average mortgage size went from $417,700 in November 2012 to $420,761 in November 2013.