New Home Sales and Prices Decrease in Birmingham According to Freshest Data
Posted on: May 06, 2013 07:03:59 AM
New home closings sank year-over-year in January in the Birmingham, AL market, but compared with December 2012, the percentage fall was less steep, suggesting that the market may be evening out. Closings sank 20.0% from a year earlier to 20. This came on the heels of a 33.3% fall year-over-year in December.
A total of 186 new homes were sold during the 12 months that ended in January, down from 191 for the year that ended in December.
As a percentage of overall housing closings, new home closings made up 6.5%. This is down from the a year earlier when new home closings accounted for 13.5% of total closings. For new and existing homes, closings jumped year-over-year in January after also increasing in December year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price fell 7.4% year-over-year in January to $171,731 per unit. This is a downward shift from a 24.9% boost in December year-over-year.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. It declined 3.4% in January from a year earlier to $173,155. In December 2012, average mortgage size rose 2.1% from a year earlier.