New Home Closings and Prices in Winchester Decline According to Freshest Figures
Posted on: May 06, 2013 07:39:56 AM
Closings of new homes in the Winchester, VA market sank year-over-year in February, and the decline was by a larger percentage than the January 2013. New home closings moved from 19 a year earlier to eight after the figure moved from 13 in January 2012 to 10 in January 2013.
A total of 210 new homes were sold during the 12 months that ended in February, down from 221 for the year that ended in January.
New home closings accounted for eight of the 104 total closings, a smaller percentage compared with 19 of 141 closings a year earlier. Following a year-over-year increase in January, closings of new and existing homes declined year-over-year in February.
Pricing and Mortgage Trends
The average value of new homes sold in February 2013 declined to $266,514 from the year-earlier figure of $286,056. This was on the heels of a 15.1% lift in January year-over-year.
Average mortgage size on new homes fell from $272,346 to $233,275. Average mortgage size on new homes went from $219,914 in January 2012 to $248,372 in January 2013. For new home closings, the percentage of the sale price that was being financed dipped 7.7 percentage points year-over-year to 87.5% in February 2013.