New Home Sales and Prices Both Increase in Birmingham According to Newest Data
Posted on: Dec 06, 2013 07:05:13 AM
In the Birmingham, AL market, new home closings grew year-over-year in August, but with a less pronounced percentage rise than July 2013, there are suggestions of market stabilization. There was a 65.2% boost in new home closings from a year earlier. This came after a more than threefold hike year-over-year in July.
A total of 443 new homes were sold during the 12 months that ended in August, up from 428 for the year that ended in July.
New home closings made up 6.9% of overall housing closings. A year earlier, new home closings represented 7.5% of total closings. Closings of new and existing homes climbed year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes grew year-over-year to $244,474 in August, up 43.9% from last year. This bump is an improvement over the 37.1% boost in July year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. It increased to $209,465 in August, a 31.8% hike. Average mortgage size jumped 35.4% in July 2013 from a year earlier.