New Home Sales and Prices Both Increase in Lakeland According to Newest Data
Posted on: Mar 06, 2014 07:22:33 AM
In December, closings of new homes jumped year-over-year in the Lakeland, FL market, and the percentage rise was an improvement from November 2013, suggesting the market may be gaining momentum. Closings increased 74.4% from a year earlier to 204. This was after the housing market saw a 72.4% hike year-over-year in November.
A total of 1,315 new homes were sold during the 12 months that ended in December, up from 1,228 for the year that ended in November.
New home closings represented 17.9% of overall housing closings. This is an increase on a percentage basis, as new home closings were 10.1% of total closings a year ago. Following a year-over-year increase in November, closings of new and existing homes dropped year-over-year in December.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes rose year-over-year to $214,677 in December, up 9.3% from last year. This surge is smaller than the 17.2% hike in November year-over-year.
There was a gain year-over-year in the average mortgage size on new homes along with new home prices. In December 2013, the average mortgage size on newly sold homes saw a 5.8% boost from a year earlier. Average mortgage size increased 17.8% in November 2013 from a year earlier.