Latest Numbers For Atlanta Show New Home Closings and Prices Climb
Posted on: Mar 06, 2014 07:02:20 AM
New home closings in the Atlanta, GA market grew year-over-year in November, but with a rise less sharp than October 2013, there were suggestions the market may be evening out. There was a 42.6% boost in new home closings from a year earlier. This followed a 52.5% hike year-over-year in October.
A total of 10,183 new homes were sold during the 12 months that ended in November, up from 9,895 for the year that ended in October.
Out of all housing closings, new home closings represented 10.8%. This marks a rise from 6.4% of total closings a year earlier. Following a year-over-year decline in October, closings of new and existing homes also fell year-over-year in November.
Pricing and Mortgage Trends
Average price of newly sold homes had a 8.8% gain year-over-year to $302,863 per unit in November. This surge is better than the 2.5% bump in October year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. It increased 8.3% in November from a year earlier to $253,313. Average mortgage size rose 2.3% in October 2013 from a year earlier.