New Home Closings and Prices in Tucson Fall According to Newest Figures
Posted on: Dec 06, 2013 07:47:33 AM
The Tucson, AZ market saw a drop in new home closings year-over-year in September, but the percentage fall narrowed from that of August 2013, suggesting that the market may be leveling out. New home closings saw a 34.5% fall from a year earlier to 74. This was after the housing market saw a 36.0% decline year-over-year in August.
A total of 1,237 new homes were sold during the 12 months that ended in September, down from 1,276 for the year that ended in August.
Out of all housing closings, new home closings accounted for 5.6%. This is down from the 7.2% of closings a year earlier. Closings of new and existing homes fell year-over-year in September after also falling in August year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 2.1% decline year-over-year to $237,076 per unit in September. This drop compares to a 14.2% hike in August year-over-year.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. It fell 3.9% in September from a year earlier, reaching $203,688. In August 2013, average mortgage size jumped 13.2% from a year earlier.