Freshest Numbers Show Prices of New Homes Gain in Phoenix, Sales Fall
Posted on: Apr 06, 2014 07:32:47 AM
In January, there was a decline year-over-year in new home closings in the Phoenix, AZ market, and there were hints of weakening market conditions with a percentage decline steeper than that of December 2013. There was a 25.1% drop in new home closings from a year earlier. This followed a 8.7% decline year-over-year in December.
A total of 10,634 new homes were sold during the 12 months that ended in January, down from 10,842 for the year that ended in December.
As a percentage of overall housing closings, new home closings accounted for 8.9% of overall housing closings. As a part of the whole, new home closings were 8.3% a year earlier. Following a year-over-year decline in December, closings of new and existing homes also slid year-over-year in January.
Pricing and Mortgage Trends
In January, the average price of newly sold homes increased year-over-year to $331,766 per unit, a 19.6% gain. This rise is smaller than the 24.5% hike in December year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. The average mortgage size rose to $270,351 in January, marking a 12.7% gain compared with a year earlier. In December 2013, average mortgage size jumped 18.3% from a year earlier.