New Home Closings and Prices in Tucson Decline According to Freshest Figures
Posted on: Aug 08, 2014 11:53:52 AM
Closings of new homes in the Tucson, AZ market fell year-over-year in May, but there were suggestions that the market may be leveling out with a percentage drop less steep than in April 2014. There was a 36.9% fall in new home closings from a year earlier. This was after the housing market saw a 66.7% fall year-over-year in April.
A total of 1,070 new homes were sold during the 12 months that ended in May, down from 1,118 for the year that ended in April.
Of the total number of closings, new home closings made up 5.7%. As a part of the whole, new home closings were 6.5% a year earlier. For new and existing homes, closings declined in May after also declining in April year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 9.8% decline year-over-year to $248,149 per unit in May. This fall compares to a 2.5% gain in April year-over-year.
The average mortgage size on newly sold homes slid year-over-year in contrast to the average price of new homes. In May 2014, there was a 12.6% decline in the average mortgage size on new homes to $207,626. In April 2014, average mortgage size declined 3.7% from a year earlier.