Recent Figures Show New Home Sales and Prices Fall in Memphis
Posted on: Aug 08, 2014 11:35:36 AM
Closings of new homes declined year-over-year in May in the Memphis, TN market, but with a percentage decline not as steep as April 2014, there are signs that the market may be leveling out. New home closings saw a drop of 27.6% from the year earlier to 42. This followed a 31.6% fall year-over-year in April.
A total of 553 new homes were sold during the 12 months that ended in May, down from 569 for the year that ended in April.
Out of all housing closings, new home closings accounted for 2.1%. They represented 2.9% of closings a year earlier. For new and existing homes, closings slid in May after also declining in April year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 2.4% decline year-over-year to $213,958 per unit in May. This fall compares to a 6.4% boost in April year-over-year.
The average mortgage size on newly sold homes climbed year-over-year in contrast to the average price of new homes. In May 2014, there was a 1.3% bump in the average mortgage size, reaching $191,610. Average mortgage size grew 8.9% in April 2014 from a year earlier.