New Home Prices Climb in Memphis According to Newest Figures, Sales Fall
Posted on: May 06, 2013 07:23:19 AM
The Memphis, TN market saw a drop in new home closings year-over-year in February, but the market seemed to be hinting at improvement with a percentage fall less steep than in January 2013. Closings slid 10.3% from a year earlier to 52, relative to a 16.9% drop in January from the year earlier.
A total of 973 new homes were sold during the 12 months that ended in February, down from 979 for the year that ended in January.
As a percentage of overall housing closings, new home closings represented 4.1% of overall housing closings. New home closings were 3.7% of overall closings last year. Following a year-over-year decline in January, closings of new and existing homes also slid year-over-year in February.
Pricing and Mortgage Trends
In February, there was a 14.3% bump year-over-year in the average price of newly sold homes, reaching $254,695 per unit. This surge is higher than the 14.0% lift in January year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. In February 2013, average mortgage size rose 13.4% from a year earlier to $224,202. In January 2013, average mortgage size jumped 13.5% from a year earlier. The overall percentage of sale price that was being financed went from 88.8% of average price to 88.0% from a year earlier. It went from 91.3% in January 2012 to 90.9% in January 2013.