Latest Numbers Show Prices of New Homes Gain in Mobile, Sales Drop
Posted on: May 06, 2013 07:24:25 AM
In February, the Mobile, AL market saw a drop year-over-year in new home closings, curving down after an increase in January 2013. New home closings slumped by 31.2% in February 2013 from a year earlier, after closings saw a 19.0% jump in January from the year earlier.
A total of 319 new homes were sold during the 12 months that ended in February, down from 329 for the year that ended in January.
Out of all housing closings, new home closings made up 4.9%, less than the 6.6% of closings a year earlier. Following a year-over-year rise in January, closings of new and existing homes dipped year-over-year in February.
Pricing and Mortgage Trends
In February, there was a 7.2% rise year-over-year in the average price of newly sold homes, reaching $224,142 per unit. This rise follows a move from $183,347 per unit to $182,123 from January 2012 to January 2013.
The average mortgage size on newly sold homes gained year-over-year along with the average price of new homes. The average mortgage size rose to $200,391 in February, marking a 11.0% hike compared with a year earlier. Average mortgage size slipped 1.1% in January 2013 from a year earlier. On average, the percentage of new home sale price that was being financed increased 3.0 percentage points from a year earlier. It moved from 97.8% in January 2012 to 97.4% in February 2012.