Prices of New Homes Climb in Prescott, Sales Decline - July 2014
Posted on: Jul 08, 2014 07:02:41 AM
In the Prescott, AZ market, new home closings dropped year-over-year in April, moving south after a lift in March 2014. New home closings saw a 14.8% fall from a year earlier to 23. This followed a 8.7% hike year-over-year in March.
A total of 317 new homes were sold during the 12 months that ended in April, down from 321 for the year that ended in March.
Out of all housing closings, new home closings represented 5.7%. A year ago, 5.9% of total closings were new home closings. Following a period of little movement in March from a year earlier, closings of new and existing homes fell year-over-year in April.
Pricing and Mortgage Trends
For newly sold homes, the average price grew 31.2% year-over-year in April to $304,312 per unit. This hike compares to a 10.3% fall in March from a year earlier.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. It rose to $226,196 in April, a 18.6% lift. Average mortgage size slid 8.4% in March 2014 from a year earlier.