New Home Closings and Prices in Miami Rise According to Recent Figures
Posted on: Nov 12, 2013 07:29:53 AM
There was an increase in closings of new homes in the Miami, FL market in July year-over-year, swinging upward off a fall in June 2013. There was a 9.6% rise in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 22.7% decline year-over-year in June.
A total of 5,127 new homes were sold during the 12 months that ended in July, up from 5,085 for the year that ended in June.
Out of all housing closings, new home closings accounted for 3.4%. They represented 3.8% of closings a year earlier. Following a year-over-year increase in June, closings of new and existing homes also grew year-over-year in July.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes increased year-over-year to $434,547 in July, up 10.4% from last year. This surge is smaller than the 11.1% bump in June year-over-year.
The average mortgage size on newly sold homes saw a hike year-over-year along with new home prices. In July 2013, the average mortgage size was $286,603, up 3.0% from a year earlier. Average mortgage size increased 13.8% in June 2013 from a year earlier.