New Home Closings and Prices in Atlanta Rise According to Latest Figures
Posted on: Jul 06, 2014 07:02:07 AM
There was an increase in closings of new homes in the Atlanta, GA market in March year-over-year, but the market seemed to show signs of leveling out as the percentage grew was less than in February 2014. New home closings saw a climb of 8.9% from the year earlier to 939. This came after a 17.2% climb year-over-year in February.
A total of 11,151 new homes were sold during the 12 months that ended in March, up from 11,074 for the year that ended in February.
Of 9,194 total closings, 939 were of new homes. This is better than the 8.2% of closings a year earlier. Following a year-over-year decline in February, closings of new and existing homes also dropped year-over-year in March.
Pricing and Mortgage Trends
In March, there was a 7.7% gain year-over-year in the average price of newly sold homes, reaching $314,735 per unit. This lift is better than the 7.5% hike in February year-over-year.
There was a surge year-over-year in the average mortgage size on new homes along with new home prices. It jumped to $267,229 in March, a 6.5% hike. In February 2014, average mortgage size climbed 6.5% from a year earlier.