New Home Closings and Prices in Albany Increase According to Newest Figures
Posted on: Mar 06, 2014 07:00:29 AM
There was a rise in new home closings in the Albany, GA market in December year-over-year, rebounding from a year-over-year decline in November 2013. New home closings moved from 2 a year earlier to 4 after the figure moved from 3 in November 2012 to 1 in November 2013.
New home closings were 4 out of 136 total closings, making up 2.9%. This is up on a percentage basis from 2 of 122 a year earlier. Closings of new and existing homes jumped year-over-year in December following a drop in November year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $193,050 from last year's $189,000. This followed a 22.4% gain in November year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $177,017 to $171,898. Average mortgage size on new homes went from $171,085 in November 2012 to $178,571 in November 2013.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in December 2013.