Prices of New Homes Increase in Phoenix, Sales Decline According to Recent Data
Posted on: Jul 06, 2014 07:28:28 AM
New home closings in the Phoenix, AZ market slid year-over-year in April, and the percentage drop was steeper than March 2014, suggesting the market may be worsening. New home closings saw a decline of 24.0% from the year earlier to 679. This was after the housing market saw a 17.6% drop year-over-year in March.
A total of 10,129 new homes were sold during the 12 months that ended in April, down from 10,344 for the year that ended in March.
Of the total number of closings, new home closings made up 6.8%. New home closings were 7.5% of overall closings last year. Closings of new and existing homes sank year-over-year in April after also falling in March year-over-year.
Pricing and Mortgage Trends
In April, the average price of newly sold homes jumped 10.1% year-over-year to $321,045 per unit. This rise is smaller than the 17.6% lift in March 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 April 2014, there was a 8.1% gain in the average mortgage size, reaching $266,730. In March 2014, average mortgage size increased 14.5% from a year earlier.