Prices of New Homes Climb in Miami, Sales Fall According to Latest Data
Posted on: Aug 08, 2014 11:35:56 AM
In the Miami, FL market in April, closings of new homes fell year-over-year, a downhill move after a rise in March 2014. New home closings saw a 21.0% drop from a year earlier to 403. This came after a 4.1% rise year-over-year in March.
A total of 5,489 new homes were sold during the 12 months that ended in April, down from 5,596 for the year that ended in March.
New home closings made up 2.6% of overall housing closings. As a part of the whole, new home closings were 3.2% a year earlier. Following a year-over-year increase in March, closings of new and existing homes dropped year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes was $460,039 per unit in April, up 13.1%from a year earlier. This bump compares to a 1.1% decline in March from a year earlier.
For newly sold homes, the average mortgage size saw a surge year-over-year along with new home prices. In April 2014, average mortgage size gained 13.0% from a year earlier to $309,848. In March 2014, average mortgage size on newly sold homes saw a 4.7% gain year-over-year from a year earlier.