New Home Sales and Prices Decrease in Montgomery According to Latest Data
Posted on: Aug 08, 2014 11:37:36 AM
Closings of new homes in the Montgomery, AL market slid year-over-year in February, and the decline was by a larger percentage than the January 2014. New home closings moved from 31 a year earlier to 13 after the figure moved from 29 in January 2013 to 15 in January 2014.
A total of 369 new homes were sold during the 12 months that ended in February, down from 387 for the year that ended in January.
Last year, 31 of 261 total closings were new homes, and this percentage saw a decline as new home closings this year made up 13 of the 247 total closings. For new and existing homes, closings dropped in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average new home price was $274,693, down from $286,517 a year earlier. This followed a 6.1% lift in January year-over-year.
The average mortgage size went down to $243,130 from $247,563 a year earlier. In January 2014, average mortgage size increased 1.8% from a year earlier.