Gainesville, GA - Local Housing Data - Summary

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Gainesville, GA Local News

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.

 
 
 

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