Recent Numbers Show Prices of New Homes Climb in Mobile, Sales Decline
Posted on: Aug 08, 2014 11:37:01 AM
In the Mobile, AL market, new home closings dropped year-over-year in May, but the percentage fall, which was less steep than in April 2014, seemed to be hinting at market improvement. New home closings saw a 18.2% fall from a year earlier to 27. This was after the housing market saw a 32.4% decline year-over-year in April.
A total of 296 new homes were sold during the 12 months that ended in May, down from 302 for the year that ended in April.
New home closings made up 4.0% of overall housing closings. A year ago, new home closings made up 4.9%. After falling in April from a year earlier, closings of new and existing homes stayed steady in May.
Pricing and Mortgage Trends
In May, the average price of newly sold homes climbed year-over-year to $208,975 per unit, a 16.7% hike. This gain is better than the 1.4% surge in April year-over-year.
The average mortgage size on newly sold homes saw a boost year-over-year along with new home prices. It rose to $182,437 in May, a 7.0% lift. In April 2014, average mortgage size sank 5.0% from a year earlier.