New Home Closings and Prices Fall in Montgomery - July 2014
Posted on: Jul 08, 2014 07:02:07 AM
In the Montgomery, AL market in February, new home closings sank year-over-year, 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 fell in February after also declining in January year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $274,693, compared with $286,517 last year. This followed a 6.1% gain in January year-over-year.
There was a decline in average mortgage size on new homes, going from $247,563 last year to $243,130 in February 2014. In January 2014, average mortgage size jumped 1.8% from a year earlier.