Recent Figures Show New Home Sales and Prices Rise in Winchester
Posted on: Aug 08, 2014 11:57:06 AM
There was an increase in new home closings in the Winchester, VA market in May year-over-year, rebounding from a year-over-year decline in April 2014. New home closings moved from 23 a year earlier to 24 after the figure moved from 17 in April 2013 to 6 in April 2014.
A total of 206 new homes were sold during the 12 months that ended in May, up from 205 for the year that ended in April.
Of 189 total closings, 24 were of new homes. This is an increase on a percentage basis, as new home closings were 11.3% of total closings a year ago. Following a year-over-year decline in April, closings of new and existing homes also slid year-over-year in May.
Pricing and Mortgage Trends
The average price of new homes increased year-over-year 11.7% in May to $294,509 per unit. This hike is an improvement over the 1.4% surge in April year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. It increased 9.5% in May from a year earlier to $279,142. Average mortgage size on new homes went from $268,673 in April 2013 to $258,199 in April 2014.