Recent Figures Show New Home Sales and Prices Drop in Memphis
Posted on: Jul 06, 2014 07:23:19 AM
The Memphis, TN market saw a drop in new home closings year-over-year in April, but with a percentage fall less steep than March 2014, there are hints the market may be stabilizing. There was a 32.4% fall in new home closings from a year earlier. This was after the housing market saw a 34.7% decline year-over-year in March.
A total of 1,147 new homes were sold during the 12 months that ended in April, down from 1,182 for the year that ended in March.
New home closings made up 4.3% of overall housing closings. This is a fall 5.5% of closings a year earlier. After rising year-over-year in March, closings of new and existing homes declined year-over-year in April.
Pricing and Mortgage Trends
In April, there was a 3.4% fall year-over-year in the average per-unit price of newly sold homes, settling at $232,773. This drop compares to a 6.7% rise in March year-over-year.
For newly sold homes, the average mortgage size sank year-over-year in contrast to average price of new homes. Average mortgage size dropped by 2.4% from a year earlier, settling at $204,101 in April. In March 2014, average mortgage size on newly sold homes saw a 4.4% gain year-over-year from a year earlier.