New Home Prices Rise in Mobile According to Freshest Figures, Sales Decline
Posted on: Feb 12, 2014 07:15:51 AM
Closings of new homes fell year-over-year in November in the Mobile, AL market, and there were signals of weakening market conditions with a percentage decline steeper than that of October 2013. There was a 37.9% fall in new home closings from a year earlier. This came after a 24.1% fall year-over-year in October.
A total of 353 new homes were sold during the 12 months that ended in November, down from 364 for the year that ended in October.
New home closings accounted for 3.7% of overall housing closings. This is down from the a year earlier when new home closings accounted for 5.8% of total closings. Following a year-over-year increase in October, closings of new and existing homes slid year-over-year in November.
Pricing and Mortgage Trends
The average price of newly sold homes grew year-over-year 8.8% in November to $185,298 per unit. This rise is an improvement over the 7.1% hike in October year-over-year.
There was a hike year-over-year in the average mortgage size on new homes along with new home prices. In November 2013, there was a 5.0% boost in the average mortgage size, reaching $173,478. Average mortgage size climbed 3.4% in October 2013 from a year earlier.