New Home Closings and Prices in Atlanta Climb According to Recent Figures
Posted on: Apr 06, 2014 07:02:38 AM
Closings of new homes jumped year-over-year in December in the Atlanta, GA market, and the market seemed to be suggesting bolstering with a percentage surge stronger than November 2013. New home closings saw a rise of 50.9% from the year earlier to 1,168. In comparison, new home closings in the same month last year saw a 45.1% boost year-over-year in November.
A total of 10,698 new homes were sold during the 12 months that ended in December, up from 10,304 for the year that ended in November.
New home closings accounted for 12.5% of overall housing closings. This is better than the 7.3% of closings a year earlier. Following a year-over-year decline in November, closings of new and existing homes also slid year-over-year in December.
Pricing and Mortgage Trends
For newly sold homes, the average price gained 8.1% year-over-year in December to $310,357 per unit. This surge is smaller than the 9.0% bump in November year-over-year.
The average mortgage size on newly sold homes saw a boost year-over-year along with new home prices. The average mortgage size rose to $261,859 in December, marking a 9.3% gain compared with a year earlier. In November 2013, average mortgage size on newly sold homes saw a 8.9% hike year-over-year from a year earlier.