Recent Numbers Show Prices of New Homes Climb in Flagstaff, Sales Fall
Posted on: Nov 12, 2013 07:15:20 AM
In the Flagstaff, AZ market, closings of new homes dropped year-over-year in August, falling after a rise in July 2013. New home closings moved from 20 a year earlier to 16 after the figure moved from 9 in July 2012 to 14 in July 2013.
A total of 136 new homes were sold during the 12 months that ended in August, down from 140 for the year that ended in July.
As a percentage of overall housing closings, new home closings accounted for 7.8%. This is a fall 10.6% of closings a year earlier. Following a year-over-year increase in July, closings of new and existing homes also climbed year-over-year in August.
Pricing and Mortgage Trends
In August, the average price of newly sold homes gained year-over-year to $233,758 per unit, a 9.2% surge. This bump follows a move from $281,626 per unit in July 2012 to $283,876 in July 2013.
The average mortgage size on newly sold homes gained year-over-year along with the average price of new homes. The average mortgage size rose to $246,192 in August, marking a 32.9% rise compared with a year earlier. Average mortgage size on new homes went from $259,277 in July 2012 to $272,275 in July 2013.