Recent Figures Show New Home Sales and Prices Drop in Wilmington
Posted on: Aug 08, 2014 11:56:56 AM
The Wilmington, NC market saw a drop in new home closings year-over-year in May, but compared with April 2014, the percentage decline was less steep, suggesting that the market may be leveling out. New home closings saw a 12.7% decline from a year earlier to 48. This was after the housing market saw a 60.7% decline year-over-year in April.
A total of 399 new homes were sold during the 12 months that ended in May, down from 406 for the year that ended in April.
Out of all housing closings, new home closings represented 5.8%. This is down from the 6.8% of closings a year earlier. After dropping in April from a year earlier, closings of new and existing homes jumped year-over-year in May.
Pricing and Mortgage Trends
In May, the average per-unit price of new homes declined by 2.8% year-over-year to $236,773. This drop is a drop off from the 25.2% fall in April from a year earlier.
Average mortgage size on new homes saw a decline year-over-year in contrast to prices of new homes. It dropped to $204,566 in May, a 8.0% decline. In April 2014, average mortgage size dropped 13.2% from a year earlier.