Freshest Figures Show New Home Prices Increase, Sales Drop in Birmingham
Posted on: Jul 06, 2014 07:03:43 AM
New home closings slid year-over-year in March in the Birmingham, AL market, and the market seemed to be worsening in light of the percentage drop steeper than February 2014. There was a 21.7% fall in new home closings from a year earlier. This came after a 20.0% fall year-over-year in February.
A total of 537 new homes were sold during the 12 months that ended in March, down from 547 for the year that ended in February.
New home closings represented 7.7% of overall housing closings. This is down from the a year earlier when new home closings represented 10.1% of total closings. After staying stable in February from a year earlier, closings of new and existing homes climbed in March.
Pricing and Mortgage Trends
For newly sold homes, the average price increased 13.3% year-over-year in March to $285,343 per unit. This gain is smaller than the 36.3% bump in February year-over-year.
Average mortgage size on new homes saw a fall year-over-year in contrast to prices of new homes. It slid 1.6% in March from a year earlier to $210,225. In February 2014, average mortgage size on newly sold homes saw a 19.1% boost year-over-year from a year earlier.