Prices of New Homes Gain in Montgomery, Sales Fall According to Latest Data
Posted on: Feb 11, 2014 07:25:13 AM
The Montgomery, AL market saw a drop in new home closings year-over-year in September, moving south after a gain in August 2013. There was a 14.8% decline in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 5.6% boost year-over-year in August.
A total of 298 new homes were sold during the 12 months that ended in September, down from 302 for the year that ended in August.
As a percentage of overall housing closings, new home closings made up 10.5%. This is down from the a year earlier when new home closings represented 11.8% of total closings. Closings of new and existing homes declined year-over-year in September after also falling in August year-over-year.
Pricing and Mortgage Trends
The average price of new homes jumped year-over-year in September to $305,277 per unit, a rise of 9.7%. This gain is better than the 7.0% lift in August year-over-year.
For newly sold homes, the average mortgage size saw a surge year-over-year along with new home prices. In September 2013, there was a 7.7% boost in the average mortgage size, reaching $261,180. In August 2013, average mortgage size rose 2.8% from a year earlier.