Freshest Numbers Show Prices of New Homes Gain in Birmingham, Sales Decrease
Posted on: Sep 11, 2014 07:03:11 AM
Closings of new homes in the Birmingham, AL market sank year-over-year in May, but there were signals of market improvement with a percentage drop less steep than in April 2014. New home closings saw a 42.9% decline from a year earlier to 20. This followed a 51.6% fall year-over-year in April.
A total of 289 new homes were sold during the 12 months that ended in May, down from 304 for the year that ended in April.
New home closings represented 3.8% of overall housing closings. This is down from the a year earlier when new home closings represented 6.3% of total closings. After rising year-over-year in April, closings of new and existing homes slid year-over-year in May.
Pricing and Mortgage Trends
In May, there was a 29.5% boost year-over-year in the average price of newly sold homes, reaching $331,384 per unit. This gain is higher than the 17.8% lift in April year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. It increased to $252,596 in May, a 15.7% boost. In April 2014, average mortgage size increased 16.0% from a year earlier.