New Home Prices Climb in Mobile According to Freshest Figures, Sales Fall
Posted on: Nov 12, 2013 07:30:58 AM
In August, there was a fall year-over-year in new home closings in the Mobile, AL market, a drop following an increase in July 2013. There was a 16.7% drop in new home closings from a year earlier. This was after the housing market saw a 32.3% jump year-over-year in July.
A total of 365 new homes were sold during the 12 months that ended in August, down from 370 for the year that ended in July.
As a percentage of overall housing closings, new home closings represented 4.0%. This is down from the a year earlier when new home closings accounted for 5.1% of total closings. For new and existing homes, closings grew year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 1.1% surge year-over-year to $193,281 per unit in August. This bump compares to a 11.6% drop in July from a year earlier.
Average mortgage size on new homes went from $173,438 in August 2012 to $174,170 in August 2013. Average mortgage size dropped 8.9% in July 2013 from a year earlier.