New Home Sales and Prices Both Increase in Montgomery According to Freshest Data
Posted on: Apr 06, 2014 07:28:14 AM
The Montgomery, AL market saw an increase in closings of new homes in November year-over-year, but the increase was less than October 2013. New home closings moved from 22 a year earlier to 25 after the figure moved from 14 in October 2012 to 29 in October 2013.
A total of 316 new homes were sold during the 12 months that ended in November, up from 313 for the year that ended in October.
Of 206 total closings, 25 were of new homes. This is an increase on a percentage basis, as new home closings were 10.7% of total closings a year ago. After increasing in October from a year earlier, closings of new and existing homes remained level in November.
Pricing and Mortgage Trends
In November, the average value of new homes saw a 3.4% bump year-over-year as it grew to $286,341 per unit. This boost is smaller than the 16.4% hike in October year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In November 2013, the average mortgage size was $243,652, a 2.4% surge from a year earlier. Average mortgage size on new homes went from $205,850 in October 2012 to $235,032 in October 2013.