Latest Figures Show New Home Sales and Prices Fall in Tucson
Posted on: Mar 06, 2014 07:43:27 AM
New home closings sank year-over-year in December in the Tucson, AZ market, but the percentage drop was not as steep as November 2013, suggesting market improvement. Closings slumped 16.2% from a year earlier to 83. This was after the housing market saw a 24.1% fall year-over-year in November.
A total of 1,340 new homes were sold during the 12 months that ended in December, down from 1,356 for the year that ended in November.
Out of all housing closings, new home closings accounted for 6.6%. This marks a rise from 5.4% of total closings a year earlier. Closings of new and existing homes fell year-over-year in December after also falling in November year-over-year.
Pricing and Mortgage Trends
In December, the average per-unit price of new homes dropped by 5.3% year-over-year to $244,729. This fall compares to a 2.4% bump in November year-over-year.
The average mortgage size on newly sold homes climbed year-over-year in contrast to the average price of new homes. Average mortgage size grew 6.7% to $222,041 in December from a year earlier. Average mortgage size dropped 1.6% in November 2013 from a year earlier.