New Home Sales Rise in Wilmington, Prices Decline According to Freshest Data
Posted on: Jul 06, 2014 07:39:45 AM
In April, closings of new homes in the Wilmington, NC market jumped year-over-year, but the percentage bump, which was less than March 2014, seemed to suggest market leveling. New home closings saw a 5.4% rise from a year earlier to 118. In comparison, new home closings in the same month last year saw a 14.6% boost year-over-year in March.
A total of 1,364 new homes were sold during the 12 months that ended in April, up from 1,358 for the year that ended in March.
New home closings made up 14.5% of overall housing closings. This is better than the 12.3% of closings a year earlier. Closings of new and existing homes fell year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
In April, the average per-unit price of new homes declined by 9.6% year-over-year to $234,423. This fall follows a move from $228,717 per unit in March 2013 to $227,829 in March 2014.
The average mortgage size on newly sold homes saw a drop year-over-year in contrast to new home prices. It declined 8.8% in April from a year earlier, reaching $197,145. In March 2014, average mortgage size on newly sold homes saw a 4.6% fall from a year earlier.