New Home Sales Increase in Montgomery, Prices Decrease According to Freshest Data
Posted on: Dec 06, 2013 07:31:39 AM
There was a rise in closings of new homes in the Montgomery, AL market in July year-over-year, picking up from a fall in June 2013. New home closings saw a jump of 16.7% from the year earlier to 28. In comparison, new home closings in the same month last year saw a 19.4% fall year-over-year in June.
A total of 297 new homes were sold during the 12 months that ended in July, up from 293 for the year that ended in June.
New home closings accounted for 10.5% of overall housing closings. This is an increase on a percentage basis, as new home closings were 8.8% of total closings a year ago. Closings of new and existing homes dropped year-over-year in July after also falling in June year-over-year.
Pricing and Mortgage Trends
In July, there was a 6.3% decline year-over-year in the average per-unit price of newly sold homes, settling at $252,595. This drop compares to a 6.4% lift in June year-over-year.
For newly sold homes, the average mortgage size sank year-over-year in contrast to average price of new homes. Average mortgage size slid by 4.7% from a year earlier, settling at $229,540 in July. In June 2013, average mortgage size on newly sold homes saw a 6.1% hike year-over-year from a year earlier.