New Home Sales and Prices Fall in Anchorage According to Recent Data
Posted on: Aug 08, 2014 11:06:55 AM
The Anchorage, AK market saw a drop in new home closings year-over-year in May, but there were suggestions that the market may be evening out with a percentage fall less steep than in April 2014. There was a 21.6% drop in new home closings from a year earlier. This came after a 31.6% fall year-over-year in April.
A total of 425 new homes were sold during the 12 months that ended in May, down from 433 for the year that ended in April.
As a percentage of overall housing closings, new home closings represented 3.6% of overall housing closings. They made up 4.3% of closings a year earlier. Closings of new and existing homes saw a decline year-over-year in May after remaining steady in April year-over-year.
Pricing and Mortgage Trends
In May, the average per-unit price of new homes fell by 5.9% year-over-year to $354,315. This fall compares to a 7.2% boost in April year-over-year.
Average mortgage size on new homes slid year-over-year in contrast to new home prices. In May 2014, average mortgage size on new homes sold was $308,598, down 10.2% from a year earlier. In April 2014, average mortgage size grew 11.4% from a year earlier.