New Home Prices Rise, Sales Fall in Albany - August 2014
Posted on: Aug 09, 2014 07:00:01 AM
In the Albany, GA market, closings of new homes declined year-over-year in May, but the decline was less than the year-over-year decline in April. New home closings moved from 2 a year earlier to 1 after the figure moved from 3 in April 2013 to none in April 2014.
1 of the 145 total closings were new home closings, a shift on a percentage basis from 2 out of 160 a year earlier. Following a year-over-year decline in April, closings of new and existing homes also declined year-over-year in May.
Pricing and Mortgage Trends
The average new home price was $340,000, up from $164,400 a year earlier. This came after a.
The average mortgage size on new homes was $250,000, up from $140,388.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2014.