A total of 1,414 new homes were sold during the 12 months that ended in June, down from 1,422 for the year that ended in May.
As a percentage of overall housing closings, new home closings represented 15.1% of overall housing closings. As a part of the whole, new home closings were 16.0% a year earlier. Closings of new and existing homes stayed level after declining in May year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose year-over-year 2.7% in June to $335,266 per unit. This gain is smaller than the 20.8% lift in May year-over-year.
For newly sold homes, the average mortgage size fell year-over-year in contrast to average price of new homes. In June 2014, there was a 1.2% drop in the average mortgage size on new homes to $276,551. In May 2014, average mortgage size jumped 8.4% from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. Single-family home closings grew from 94.3% of new closings in June 2013 to 95.5% of closings in June 2014. Meanwhile, attached units as a percentage of all new home closings slid to 4.5% of closings from 5.7% of closings.
For all new homes sold, the average unit size sank 25.6% year-over-year to 1,895 square feet in June 2014. In May, the average size of new homes sold went from 2,295 square feet a year earlier to 2,464 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 4.6% of closings, below 8.9% a year earlier. The percentage of existing home closings involving foreclosures went from 3.1% in June 2013 to 2.8% in June 2014 and REO closings as a percentage of existing home closings fell to 1.7% from 5.8% a year earlier.
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