Recent Figures Show New Home Sales and Prices Increase in Memphis
Posted on: Nov 12, 2013 07:29:32 AM
Closings of new homes in the Memphis, TN market rose year-over-year in August, but the percentage edged up less than July 2013, suggesting the market may be leveling out. There was a 17.3% jump in new home closings from a year earlier. This was after the housing market saw a 23.7% boost year-over-year in July.
A total of 1,117 new homes were sold during the 12 months that ended in August, up from 1,098 for the year that ended in July.
New home closings made up 6.2% of overall housing closings. This is an increase on a percentage basis, as new home closings were 5.0% of total closings a year ago. After rising year-over-year in July, closings of new and existing homes declined year-over-year in August.
Pricing and Mortgage Trends
In August, the average price of newly sold homes increased year-over-year to $228,489 per unit, a 5.9% hike. This lift is higher than the 5.0% boost in July 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 rose to $201,600 in August, marking a 5.1% lift compared with a year earlier. In July 2013, average mortgage size grew 5.9% from a year earlier.