Prices of New Homes Gain in Fayetteville, Sales Decline According to Recent Data
Posted on: Jul 06, 2014 07:11:54 AM
In the Fayetteville, NC market, closings of new homes fell year-over-year in April, but the percentage decline was an improvement from March 2014, suggesting the market may be stabilizing. Closings sank 8.3% from a year earlier to 77. In comparison, new home closings in the same month last year saw a 19.0% fall year-over-year in March.
A total of 1,032 new homes were sold during the 12 months that ended in April, down from 1,039 for the year that ended in March.
As a percentage of overall housing closings, new home closings represented 18.0%. This is an increase on a percentage basis, as new home closings were 16.2% of total closings a year ago. Following a year-over-year decline in March, closings of new and existing homes also fell year-over-year in April.
Pricing and Mortgage Trends
For newly sold homes, the average price increased 1.2% year-over-year in April to $224,357 per unit. This hike compares to a 3.0% drop in March from a year earlier.
For newly sold homes, average mortgage size moved from $224,835 in April 2013 to $225,929 in April 2014. In March 2014, average mortgage size sank 3.9% from a year earlier.