Recent Figures Show New Home Prices Increase, Sales Decrease in Fort Walton Beach
Posted on: Jul 06, 2014 07:12:50 AM
Closings of new homes in the Fort Walton Beach, FL market fell year-over-year in April, and with a percentage fall steeper than March 2014, there were signals the market may be worsening. There was a 35.7% drop in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 33.3% drop year-over-year in March.
A total of 270 new homes were sold during the 12 months that ended in April, down from 280 for the year that ended in March.
New home closings accounted for 4.4% of overall housing closings. This is down from the 5.9% of closings a year earlier. 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
In April, the average price of newly sold homes jumped 25.7% year-over-year to $283,818 per unit. This rise is an improvement over the 19.1% hike in March year-over-year.
There was a rise year-over-year in the average mortgage size on new homes along with new home prices. In April 2014, the average mortgage size was $256,115, a 4.8% bump from a year earlier. In March 2014, average mortgage size increased 12.8% from a year earlier.