Latest Numbers For Miami Show New Home Closings and Prices Rise
Posted on: Feb 12, 2014 07:15:11 AM
New home closings in the Miami, FL market gained year-over-year in October, and the percentage rise was higher than September 2013, implying the market may be improving. There was a 32.4% hike in new home closings from a year earlier. This came after a 13.5% jump year-over-year in September.
A total of 5,463 new homes were sold during the 12 months that ended in October, up from 5,329 for the year that ended in September.
Out of all housing closings, new home closings made up 4.0%. A year ago, 3.2% of total closings were new home closings. Closings of new and existing homes rose year-over-year in October after also rising in September year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 8.2% rise year-over-year in October to $426,931 per unit. This bump is smaller than the 10.3% hike in September year-over-year.
The average mortgage size on newly sold homes saw a surge year-over-year along with new home prices. In October 2013, the average mortgage size was $298,553, up 9.0% from a year earlier. In September 2013, average mortgage size gained 7.7% from a year earlier.