Prices of New Homes Gain in Memphis, Sales Decline According to Freshest Data
Posted on: Apr 06, 2014 07:26:28 AM
In January, there was a drop year-over-year in new home closings in the Memphis, TN market, and the percentage drop, which was steeper than December 2013, gave suggestions of weakening market conditions. New home closings saw a 12.3% drop from a year earlier to 64. This was after the housing market saw a 3.3% decline year-over-year in December.
A total of 1,219 new homes were sold during the 12 months that ended in January, down from 1,228 for the year that ended in December.
New home closings represented 5.1% of overall housing closings. A year earlier, new home closings made up 4.8% of total closings. After rising year-over-year in December, closings of new and existing homes slid year-over-year in January.
Pricing and Mortgage Trends
In January, there was a 15.3% lift year-over-year in the average price of newly sold homes, reaching $269,184 per unit. This hike is better than the 4.2% boost in December year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In January 2014, the average mortgage size was $218,794, up 5.0% from a year earlier. In December 2013, average mortgage size sank 1.8% from a year earlier.