New Home Closings Fall in Winston-Salem According to Freshest Figures
Posted on: May 06, 2013 07:40:04 AM
New home closings dropped year-over-year in February in the Winston-Salem, NC market, and the percentage fall was steeper than January 2013. Closings declined 52.9% from a year earlier to 24, relative to a 47.2% drop in January from the year earlier.
A total of 511 new homes were sold during the 12 months that ended in February, down from 538 for the year that ended in January.
A year earlier, new home closings accounted for 10.1% of overall housing closings and the percentage declined to 4.9% of closings in February 2013. Following a year-over-year increase in January, closings of new and existing homes dipped year-over-year in February.
Pricing and Mortgage Trends
The average value for new homes sold in February 2013 was $173,646, a move from $173,314 a year earlier. This came after a 22.2% drop in January from a year earlier.
The average mortgage size on new homes moved north year-over-year along with new home prices. The average mortgage size rose to $177,739 in February, marking an 18.8% lift compared with a year earlier. In January 2013, average mortgage size on newly sold homes saw a 17.5% fall from a year earlier.