Prices of New Homes Rise in Tucson, Sales Drop According to Recent Data
Posted on: May 06, 2013 07:37:17 AM
Closings of new homes slid year-over-year in February in the Tucson, AZ market, but there were signs the market may be stabilizing with a percentage drop less steep as in January 2013. New home closings saw a fall of 54.3% from the year earlier to 48. This was after the housing market saw a 56.6% decline year-over-year in January.
A total of 1,278 new homes were sold during the 12 months that ended in February, down from 1,335 for the year that ended in January.
New home closings as a percentage of overall housing closings fell to 3.8% from 6.4% of closings a year earlier. Following a year-over-year decline in January, closings of new and existing homes also dropped year-over-year in February.
Pricing and Mortgage Trends
In February, the average price of newly sold homes increased year-over-year to $221,144 per unit, a 1.6% rise. This rise is smaller than the 7.8% rise in January year-over-year.
The average mortgage size on newly sold homes saw a rise year-over-year along with new home prices. In February 2013, the average mortgage size was $197,730, an 8.1% rise from a year earlier. Average mortgage size rose 3.4% in January 2013 from a year earlier. The overall percentage of sale price that was being financed increased 5.4 percentage points year-over-year to 89.4% in February 2013. This came after a 3.7 percentage point decline in January from a year earlier.