New Home Sales Increase in Washington DC According to Recent Data
Posted on: May 06, 2013 07:38:59 AM
New home closings increased year-over-year in January in the Washington, DC market, but there were signs the market may be evening out with a percentage rise shallower than December 2012. There was a 7.7% rise in new home closings from a year earlier. This came on the heels of an 8.7% rise year-over-year in December.
A total of 10,306 new homes were sold during the 12 months that ended in January, up from 10,264 for the year that ended in December.
For new and existing homes, closings rose year-over-year in January after also increasing in December year-over-year.
Pricing and Mortgage Trends
From January 2012 to January 2013, the average price of newly sold homes went from $458,418 to $455,382. This was on the heels of a 3.1% rise in December year-over-year.
Average mortgage size on new homes went from $396,141 in January 2012 to $397,929 in January 2013. In December 2012, average mortgage size on newly sold homes saw a 4.4% rise year-over-year from a year earlier. For newly sold homes, the percentage of sale price being financed moved from 86.4% of average price to 87.4% from a year earlier. In December 2012, there was a 1.1 percentage point rise from the year earlier.