Latest Figures Show New Home Prices Increase, Sales Decline in Columbus
Posted on: Nov 12, 2013 07:10:34 AM
In the Columbus, GA market in July, new home closings slid year-over-year, and the percentage decline that was steeper than June 2013 gave implications of worsening market conditions. New home closings saw a drop of 38.8% from the year earlier to 30. This came after a 15.6% drop year-over-year in June.
A total of 416 new homes were sold during the 12 months that ended in July, down from 435 for the year that ended in June.
New home closings represented 11.7% of overall housing closings. This is down from the 16.2% of closings a year earlier. For new and existing homes, closings sank in July after also declining in June year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 2.9% hike year-over-year in July to $225,070 per unit. This bump is smaller than the 12.0% gain in June year-over-year.
Average mortgage size on new homes fell year-over-year in contrast to new home prices. Average mortgage size slid by 5.9% from a year earlier, settling at $208,190 in July. Average mortgage size grew 11.7% in June 2013 from a year earlier.