New Home Sales and Prices Decrease in Prescott According to Latest Data
Posted on: Apr 06, 2014 07:34:04 AM
New home closings declined year-over-year in January in the Prescott, AZ market, sliding after a growth in December 2013. New home closings moved from 24 a year earlier to 22 after the figure moved from 9 in December 2012 to 24 in December 2013.
A total of 331 new homes were sold during the 12 months that ended in January, down from 333 for the year that ended in December.
New home closings accounted for 6.7% of overall housing closings. This is a surge from 5.3% of closings a year earlier. For new and existing homes, closings dropped in January after also declining in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes slid by 4.3% year-over-year to $264,003 per unit in January. This fall compares to a 22.7% rise in December year-over-year.
In contrast to new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In January 2014, average mortgage size jumped 20.3% from a year earlier to $209,781. Average mortgage size on new homes went from $209,648 in December 2012 to $220,497 in December 2013.