New Home Sales Rise in Memphis According to Freshest Data
Posted on: Dec 06, 2013 07:29:46 AM
In September, there was an increase in closings of new homes in the Memphis, TN market year-over-year, but there were suggestions the market may be stabilizing with a percentage boost shallower than August 2013. There was a 5.6% hike in new home closings from a year earlier. This followed a 17.3% rise year-over-year in August.
A total of 1,122 new homes were sold during the 12 months that ended in September, up from 1,117 for the year that ended in August.
As a percentage of overall housing closings, new home closings accounted for 5.8% of overall housing closings. As a part of the whole, new home closings were 5.3% a year earlier. Closings of new and existing homes slid year-over-year in September after also falling in August year-over-year.
Pricing and Mortgage Trends
The average price of new homes went from $227,513 in September 2012 to $229,024 in September 2013. This came after a 5.9% rise in August year-over-year.
For newly sold homes, the average mortgage size saw a surge year-over-year along with new home prices. The average mortgage size saw a 4.2% lift year-over-year to $209,106 in September. In August 2013, average mortgage size jumped 5.1% from a year earlier.