Recent Figures Show New Home Sales Rise in Gainesville, Prices Decrease
Posted on: Aug 08, 2014 11:23:04 AM
There was a rise in new home closings in the Gainesville, GA market in May year-over-year, and there were suggestions that the market may be improving as the percentage lift was better than April 2014. There was a 74.2% jump in new home closings from a year earlier. This came after a 43.8% boost year-over-year in April.
A total of 507 new homes were sold during the 12 months that ended in May, up from 484 for the year that ended in April.
New home closings represented 15.8% of overall housing closings. This is an increase on a percentage basis, as new home closings were 7.5% of total closings a year ago. Following a year-over-year increase in April, closings of new and existing homes slid year-over-year in May.
Pricing and Mortgage Trends
Average price of newly sold homes had a 6.4% fall year-over-year to $252,819 per unit in May. This drop compares to a 9.4% surge in April year-over-year.
Average mortgage size on new homes declined year-over-year in contrast to new home prices. Average mortgage size slid by 12.2% from a year earlier, settling at $193,731 in May. In April 2014, average mortgage size increased 16.8% from a year earlier.