New Home Closings and Prices in Lakeland Gain According to Newest Figures
Posted on: May 13, 2014 07:22:26 AM
Closings of new homes in the Lakeland, FL market rose year-over-year in February, and the market seemed to be signaling bolstering with a percentage boost stronger than January 2014. Closings increased 54.2% from a year earlier to 111. This came on the heels of a 11.5% hike year-over-year in January.
A total of 1,365 new homes were sold during the 12 months that ended in February, up from 1,326 for the year that ended in January.
Out of all housing closings, new home closings accounted for 11.2%. This marks a rise from 7.9% of total closings a year earlier. Closings of new and existing homes grew in February after staying steady in January from a year earlier.
Pricing and Mortgage Trends
Average price of newly sold homes had a 7.6% boost year-over-year to $201,520 per unit in February. This rise is smaller than the 20.0% surge in January year-over-year.
The average mortgage size on newly sold homes saw a hike year-over-year along with new home prices. In February 2014, the average mortgage size was $176,318, up 13.4% from a year earlier. Average mortgage size rose 17.4% in January 2014 from a year earlier.