New Home Prices Gain in Phoenix According to Recent Figures, Sales Decrease
Posted on: Aug 08, 2014 11:42:14 AM
In May, there was a decline year-over-year in new home closings in the Phoenix, AZ market, but the fall in percentage terms was not as steep as April 2014, signaling market improvement. New home closings saw a 17.2% drop from a year earlier to 765. This followed a 21.5% decline year-over-year in April.
A total of 10,032 new homes were sold during the 12 months that ended in May, down from 10,191 for the year that ended in April.
New home closings represented 8.0% of overall housing closings. They represented 7.7% of closings a year earlier. Closings of new and existing homes slid year-over-year in May after also falling in April year-over-year.
Pricing and Mortgage Trends
The average price of new homes jumped year-over-year 6.7% in May to $325,410 per unit. This rise is smaller than the 11.3% boost in April year-over-year.
For newly sold homes, the average mortgage size gained year-over-year along with new home prices. In May 2014, the average mortgage size on newly sold homes saw a 6.4% boost from a year earlier. In April 2014, average mortgage size on newly sold homes saw a 8.8% surge year-over-year from a year earlier.