Prices of New Homes Increase in Wilmington, Sales Decrease According to Latest Data
Posted on: Apr 06, 2014 07:46:06 AM
Closings of new homes sank year-over-year in January in the Wilmington, NC market, and there were signals of worsening market conditions as the percentage drop was steeper than December 2013. New home closings saw a decline of 19.5% from the year earlier to 66. This followed a 17.5% drop year-over-year in December.
A total of 1,327 new homes were sold during the 12 months that ended in January, down from 1,343 for the year that ended in December.
New home closings accounted for 14.4% of overall housing closings. This is an increase on a percentage basis, as new home closings were 12.3% of total closings a year ago. For new and existing homes, closings slid in January after also declining in December year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 10.4% bump year-over-year in January to $239,697 per unit. This hike is better than the 6.0% bump in December year-over-year.
In January 2014, average mortgage size on new homes went from $203,352 in January 2013 to $203,579 in January 2014. Average mortgage size went from $207,327 in December 2012 to $206,143 in December 2013.