New Home Prices Gain in Mobile According to Freshest Figures, Sales Decrease
Posted on: Jul 06, 2014 07:24:24 AM
In the Mobile, AL market in April, new home closings declined year-over-year, and the market seemed to be worsening in light of the percentage drop steeper than March 2014. Closings sank 32.5% from a year earlier to 27. This came on the heels of a 2.9% fall year-over-year in March.
A total of 334 new homes were sold during the 12 months that ended in April, down from 347 for the year that ended in March.
As a percentage of overall housing closings, new home closings accounted for 4.6%. This is down from the 6.0% of closings a year earlier. Closings of new and existing homes sank year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 1.9% lift year-over-year in April to $203,992 per unit. This gain is smaller than the 24.1% lift in March year-over-year.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. It sank 4.6% in April from a year earlier, reaching $186,862. In March 2014, average mortgage size on newly sold homes saw a 11.5% boost year-over-year from a year earlier.