Newest Numbers For Birmingham Show New Home Closings and Prices Rise
Posted on: Apr 06, 2014 07:04:38 AM
Closings of new homes increased year-over-year in December in the Birmingham, AL market, but the percentage rise was not as steep as November 2013, giving signals of market stabilizing. New home closings saw a 6.8% climb from a year earlier to 47. This came on the heels of a 16.7% jump year-over-year in November.
A total of 568 new homes were sold during the 12 months that ended in December, up from 565 for the year that ended in November.
As a percentage of overall housing closings, new home closings represented 10.8%. This is a drop 11.8% of closings a year earlier. For new and existing homes, closings grew year-over-year in December after also increasing in November year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 40.1% bump year-over-year to $302,195 per unit in December. This rise is smaller than the 42.4% bump in November year-over-year.
There was a surge year-over-year in the average mortgage size on new homes along with new home prices. In December 2013, there was a 10.6% hike in the average mortgage size, reaching $224,318. Average mortgage size increased 9.9% in November 2013 from a year earlier.