New Home Sales Gain in Gainesville, Prices Decline According to Freshest Data
Posted on: Aug 08, 2014 11:22:54 AM
In the Gainesville, FL market, closings of new homes gained year-over-year in May, but the percentage lift was less pronounced than April 2014, indicating the market may be evening out. New home closings saw a 32.1% boost from a year earlier to 37. This came on the heels of a 55.0% boost year-over-year in April.
A total of 348 new homes were sold during the 12 months that ended in May, up from 339 for the year that ended in April.
Out of all housing closings, new home closings accounted for 8.4%. This is a surge from 6.9% of closings a year earlier. Following a year-over-year increase in April, closings of new and existing homes also climbed year-over-year in May.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 2.2% drop year-over-year in May to $242,716 per unit. This drop compares to a 7.0% bump in April year-over-year.
For newly sold homes, the average mortgage size saw a gain year-over-year in contrast to new home prices. In May 2014, there was a 16.7% rise in the average mortgage size, reaching $237,103. It went from $204,160 to $205,065 from April 2013 to April 2014.