Latest Figures Show New Home Prices Gain, Sales Decline in Montgomery
Posted on: May 06, 2013 07:24:51 AM
In the Montgomery, AL market in December, closings of new homes sank year-over-year, and the percentage decline was steeper than November 2012. New home closings saw a drop of 34.1% from the year earlier to 27. This followed a 29.0% decline year-over-year in November.
A total of 309 new homes were sold during the 12 months that ended in December, down from 323 for the year that ended in November.
New home closings represented 15.3% of overall housing closings. This is down from the 17.6% of closings a year earlier. Following a year-over-year increase in November, closings of new and existing homes dropped year-over-year in December.
Pricing and Mortgage Trends
The average price of newly sold homes rose year-over-year 10.0% in December to $275,708 per unit. This rise is smaller than the 10.9% boost in November year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. The average mortgage size saw a 7.8% rise year-over-year to $241,062 in December. Average mortgage size increased 9.1% in November 2012 from a year earlier. The overall percentage of sale price that was being financed slipped 1.7 percentage points year-over-year to 87.4% in December 2012.