New Home Closings in Bradenton Rise, Prices Fall According to Latest Figures
Posted on: May 06, 2013 07:04:39 AM
New home closings climbed year-over-year in February in the Bradenton, FL market, but the market seemed to be signaling at evening out with a percentage hike less pronounced than January 2013. There was a 27.9% jump in new home closings from a year earlier. This came after a 30.1% jump year-over-year in January.
A total of 2,418 new homes were sold during the 12 months that ended in February, up from 2,377 for the year that ended in January.
As a percentage of overall housing closings, new home closings made up 9.7% of overall housing closings. New home closings were 8.8% of overall closings last year. For new and existing homes, closings increased year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
Average value of new homes sold in February was $249,121 per unit, down 5.9% year-over-year from a year earlier. This is a movement south from the 11.5% gain in January year-over-year.
Average mortgage size on new homes went from $194,956 in February 2012 to $196,297 in February 2013. Average mortgage size rose 8.2% in January 2013 from a year earlier. Of the overall sale price, the percentage that was being financed increased 5.2 percentage points year-over-year to 78.8% in February 2013. In January 2013, there was a 2.5 percentage point decline in January from a year earlier.