Closings of new homes in the Birmingham, AL market sank year-over-year in July, sliding after a growth in June 2015. New home closings moved from 15 a year earlier to 10 after the figure moved from 15 in June 2014 to 18 in June 2015.
A total of 145 new homes were sold during the 12 months that ended in July, down from 150 for the year that ended in June.
New home closings were 2.7% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 10 of the 612 total closings. For new and existing homes, closings climbed year-over-year in July after also increasing in June year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $211,283, compared with $226,916 last year. This was on the heels of a 1.1% decline in June from a year earlier.
The average mortgage size went down to $190,440 from $208,479 a year earlier. In June 2015, average mortgage size grew 1.3% from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2015.
The average unit size of newly sold homes rose from 2,186 square feet a year earlier to 2,326 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 17.3% of existing closings, lower than 22.1% a year earlier. The percentage of existing home closings involving foreclosures dropped to 7.0% in July from 11.4% a year earlier and REO closings moved from 10.7% of existing home closings in July 2014 to 10.3% in July 2015.