Latest Numbers For Columbus Show New Home Closings and Prices Rise
Posted on: Mar 06, 2014 07:09:38 AM
In November, closings of new homes increased year-over-year in the Columbus, GA market, picking up from a drop in October 2013. New home closings saw a 6.7% rise from a year earlier to 32. This followed a 2.7% fall year-over-year in October.
A total of 399 new homes were sold during the 12 months that ended in November, up from 397 for the year that ended in October.
New home closings accounted for 12.2% of overall housing closings. This is a boost from 10.7% of closings a year earlier. For new and existing homes, closings sank in November after also declining in October year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 15.7% surge year-over-year in November to $264,518 per unit. This hike is smaller than the 19.4% gain in October year-over-year.
Average mortgage size on new homes jumped year-over-year along with new home prices. The average mortgage size saw a 7.2% rise year-over-year to $226,113 in November. Average mortgage size jumped 10.3% in October 2013 from a year earlier.