New Home Prices Rise in Phoenix According to Newest Figures, Sales Decline
Posted on: May 06, 2013 07:28:32 AM
New home closings in the Phoenix, AZ market sank year-over-year in February, but with a percentage decline not as steep as January 2013, there are signals that the market may be leveling out. New home closings dropped by 57.6% in February 2013 from a year earlier, after closings saw a 58.6% drop in January from the year earlier.
A total of 9,741 new homes were sold during the 12 months that ended in February, down from 10,250 for the year that ended in January.
New home closings represented 4.1% of overall housing closings, less than the 8.2% of closings a year earlier. Following a year-over-year decline in January, closings of new and existing homes also declined year-over-year in February.
Pricing and Mortgage Trends
The average price of newly sold homes rose year-over-year 11.9% in February to $277,606 per unit. This gain is better than the 8.4% rise in January year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In February 2013, average mortgage size jumped 20.0% from a year earlier to $254,335. Average mortgage size increased 9.8% in January 2013 from a year earlier. For new home closings, the percentage of the sale price that was being financed rose 6.2 percentage points year-over-year to 91.6% in February 2013.