Latest Figures Show New Home Sales Level from Last Year, Prices Drop in Gainesville
Posted on: May 06, 2013 07:13:13 AM
Closings of new homes in the Gainesville, FL market remained steady year-over-year in February, staying level after a year-over-year increase in January from a year earlier. Closings remained level at 16 from a year earlier after the figure moved from 12 in January 2012 to 33 in January 2013.
A total of 286 new homes were sold during the 12 months that ended in February, equal to the number of new homes sold for the year that ended in January.
Compared to a year earlier, new home closings reflected 6.2% of overall housing closings, down from 7.5% last year. For new and existing homes, closings rose year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
In February, the average price of newly sold homes dipped year-over-year to $229,335 per unit, marking a 2.6% decline from the year-earlier figure. This decline is a drop off from the 11.4% decline in January from a year earlier.
For newly sold homes, the average mortgage size saw a decline year-over-year in contrast to new home prices. Average mortgage size declined by 6.8% from a year earlier, settling at $208,793 in February. Average mortgage size on new homes went from $213,128 in January 2012 to $185,378 in January 2013. Of the overall sale price, the percentage that was being financed fell 4.1 percentage points year-over-year to 91.0% in February 2013.