Recent Numbers For Prescott Show New Home Closings and Prices Increase
Posted on: Feb 11, 2014 07:30:34 AM
In the Prescott, AZ market in November, closings of new homes grew year-over-year, but the market seemed to be suggesting at evening out with a percentage bump less pronounced than October 2013. New home closings saw a rise of 31.8% from the year earlier to 29. This was after the housing market saw a more than twofold jump year-over-year in October.
A total of 329 new homes were sold during the 12 months that ended in November, up from 322 for the year that ended in October.
New home closings represented 8.6% of overall housing closings. This is better than the 5.1% of closings a year earlier. For new and existing homes, closings slid in November after also declining in October year-over-year.
Pricing and Mortgage Trends
The average price of new homes grew year-over-year in November to $318,543 per unit, a rise of 33.6%. This gain is better than the 15.6% surge in October year-over-year.
For newly sold homes, the average mortgage size saw a rise year-over-year along with new home prices. In November 2013, the average mortgage size on newly sold homes saw a 33.8% lift from a year earlier. Average mortgage size grew 9.2% in October 2013 from a year earlier.