Recent Numbers Show Prices of New Homes Rise in Memphis, Sales Drop
Posted on: Mar 06, 2014 07:26:50 AM
Closings of new homes sank year-over-year in December in the Memphis, TN market, a move downward following a boost in November 2013. New home closings saw a 4.3% decline from a year earlier to 88. This was after the housing market saw a 70.5% hike year-over-year in November.
A total of 1,226 new homes were sold during the 12 months that ended in December, down from 1,230 for the year that ended in November.
New home closings made up 5.7% of overall housing closings. A year ago, 6.0% of total closings were new home closings. After dropping in November from a year earlier, closings of new and existing homes increased year-over-year in December.
Pricing and Mortgage Trends
The average price of new homes climbed year-over-year in December to $243,832 per unit, a rise of 4.7%. This boost compares to a 8.6% drop in November from a year earlier.
The average mortgage size on newly sold homes declined year-over-year in contrast to the average price of new homes. In December 2013, average mortgage size on new homes sold was $213,491, down 1.5% from a year earlier. Average mortgage size sank 18.6% in November 2013 from a year earlier.