Newest Figures Show New Home Prices Rise, Sales Drop in Birmingham
Posted on: Aug 08, 2014 11:10:00 AM
New home closings sank year-over-year in April in the Birmingham, AL market, a downhill move after a gain in March 2014. New home closings saw a 51.6% drop from a year earlier to 15. This was after the housing market saw a 24.0% climb year-over-year in March.
A total of 301 new homes were sold during the 12 months that ended in April, down from 317 for the year that ended in March.
As a percentage of overall housing closings, new home closings represented 2.9%. This is down from the a year earlier when new home closings made up 6.0% of total closings. Closings of new and existing homes climbed year-over-year in April after also rising in March year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes increased year-over-year 15.6% in April to $244,307 per unit. This boost is better than the 12.0% hike in March year-over-year.
For newly sold homes, the average mortgage size jumped year-over-year along with new home prices. In April 2014, there was a 13.5% surge in the average mortgage size, reaching $209,429. Average mortgage size went from $211,302 in March 2013 to $209,461 in March 2014.