Latest Numbers For Huntsville Show New Home Closings and Prices Rise
Posted on: Jul 06, 2014 07:16:19 AM
The Huntsville, AL market saw an increase in closings of new homes in April year-over-year, and the percentage rise was sharper than March 2014, hinting that the market may be strengthening. New home closings saw a 33.3% hike from a year earlier to 116. This followed a 16.3% boost year-over-year in March.
A total of 1,221 new homes were sold during the 12 months that ended in April, up from 1,192 for the year that ended in March.
As a percentage of overall housing closings, new home closings made up 19.3%. This is an increase on a percentage basis, as new home closings were 14.3% of total closings a year ago. Closings of new and existing homes stayed level after declining in March year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $251,545 per unit in April, up 3.3%from a year earlier. This hike is smaller than the 7.3% surge in March year-over-year.
Average mortgage size on new homes fell year-over-year in contrast to new home prices. It sank 1.4% in April from a year earlier, reaching $212,536. Average mortgage size jumped 8.5% in March 2014 from a year earlier.