New Home Sales and Prices Fall in Mobile According to Latest Data
Posted on: Apr 06, 2014 07:27:45 AM
New home closings sank year-over-year in January in the Mobile, AL market, a downhill move after a hike in December 2013. There was a 43.3% fall in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 12.0% jump year-over-year in December.
A total of 343 new homes were sold during the 12 months that ended in January, down from 356 for the year that ended in December.
Out of all housing closings, new home closings made up 4.5%. This is down from the 5.9% of closings a year earlier. Following a year-over-year rise in December, closings of new and existing homes sank year-over-year in January.
Pricing and Mortgage Trends
In January, there was a 18.2% fall year-over-year in the average per-unit price of newly sold homes, settling at $145,129. This fall follows a move from $190,122 per unit in December 2012 to $191,179 in December 2013.
For newly sold homes, the average mortgage size saw a decline year-over-year in contrast to new home prices. In January 2014, average mortgage size sank 28.3% from a year earlier to $123,837. In December 2013, average mortgage size grew 7.7% from a year earlier.