Latest Figures Show New Home Sales and Prices Rise in Birmingham
Posted on: Feb 12, 2014 07:02:48 AM
The Birmingham, AL market saw a rise in new home closings in October year-over-year, but the increase was less than September 2013. New home closings moved from 16 a year earlier to 43 after the figure moved from 14 in September 2012 to 43 in September 2013.
A total of 502 new homes were sold during the 12 months that ended in October, up from 475 for the year that ended in September.
As a percentage of overall housing closings, new home closings accounted for 8.3%. This is an increase on a percentage basis, as new home closings were 6.0% of total closings a year ago. For new and existing homes, closings climbed year-over-year in October after also increasing in September year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes climbed year-over-year 28.7% in October to $237,782 per unit. This boost is smaller than the 49.9% surge in September year-over-year.
The average mortgage size on newly sold homes increased year-over-year along with the average price of new homes. In October 2013, average mortgage size gained 13.4% from a year earlier to $203,701. Average mortgage size on new homes went from $164,147 in September 2012 to $218,057 in September 2013.