New Home Closings and Prices in Lakeland Climb According to Newest Figures
Posted on: Apr 06, 2014 07:22:19 AM
There was a rise in closings of new homes in the Lakeland, FL market in January year-over-year, but there were hints the market may be evening out with a percentage surge shallower than December 2013. Closings rose 10.4% from a year earlier to 106. In comparison, new home closings in the same month last year saw a 74.4% jump year-over-year in December.
A total of 1,325 new homes were sold during the 12 months that ended in January, up from 1,315 for the year that ended in December.
New home closings accounted for 11.3% of overall housing closings. This is an increase on a percentage basis, as new home closings were 9.9% of total closings a year ago. Following a period of little movement in December from a year earlier, closings of new and existing homes sank year-over-year in January.
Pricing and Mortgage Trends
For newly sold homes, the average price climbed 20.0% year-over-year in January to $212,610 per unit. This gain is higher than the 9.3% hike in December year-over-year.
The average mortgage size on newly sold homes grew year-over-year along with the average price of new homes. It gained 17.4% in January from a year earlier to $178,173. In December 2013, average mortgage size on newly sold homes saw a 5.8% rise year-over-year from a year earlier.