New Home Closings and Prices in Atlanta Increase According to Recent Figures
Posted on: Aug 08, 2014 11:08:00 AM
In April, closings of new homes in the Atlanta, GA market grew year-over-year, and there were signals that the market may be gaining momentum as the percentage boost proved better than March 2014. Closings gained 19.8% from a year earlier to 948. In comparison, new home closings in the same month last year saw a 9.0% rise year-over-year in March.
A total of 11,280 new homes were sold during the 12 months that ended in April, up from 11,123 for the year that ended in March.
Of 9,776 total closings, 948 were of new homes. This is a gain from 6.7% of closings a year earlier. Following a year-over-year decline in March, closings of new and existing homes also declined year-over-year in April.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes jumped year-over-year to $312,774 in April, up 3.4% from last year. This gain is smaller than the 6.9% rise in March year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. Average mortgage size grew 1.7% to $259,959 in April from a year earlier. In March 2014, average mortgage size on newly sold homes saw a 5.7% hike year-over-year from a year earlier.