Recent Numbers For Gainesville Show New Home Closings and Prices Gain
Posted on: Jul 06, 2014 07:13:21 AM
The Gainesville, GA market saw a rise in new home closings in April year-over-year, but there were signs the market may be stabilizing with a percentage rise shallower than March 2014. Closings climbed 40.6% from a year earlier to 45. In comparison, new home closings in the same month last year saw a 60.9% hike year-over-year in March.
A total of 468 new homes were sold during the 12 months that ended in April, up from 455 for the year that ended in March.
As a percentage of overall housing closings, new home closings made up 12.9%. This is better than the 11.3% of closings a year earlier. After dropping in March from a year earlier, closings of new and existing homes gained year-over-year in April.
Pricing and Mortgage Trends
In April, the average price of newly sold homes grew year-over-year to $272,362 per unit, a 10.6% bump. This boost is an improvement over the 2.0% lift in March year-over-year.
The average mortgage size on newly sold homes increased year-over-year along with the average price of new homes. The average mortgage size saw a 19.4% rise year-over-year to $223,597 in April. In March 2014, average mortgage size climbed 6.5% from a year earlier.