New Home Prices Increase in Miami According to Latest Figures, Sales Drop
Posted on: Apr 06, 2014 07:26:47 AM
In December, there was a drop year-over-year in new home closings in the Miami, FL market, moving downward after a bump in November 2013. Closings slid 10.3% from a year earlier to 419. This came after a 1.4% jump year-over-year in November.
A total of 5,447 new homes were sold during the 12 months that ended in December, down from 5,495 for the year that ended in November.
Out of all housing closings, new home closings represented 3.2%. As a part of the whole, new home closings were 3.4% a year earlier. Following a year-over-year rise in November, closings of new and existing homes dropped year-over-year in December.
Pricing and Mortgage Trends
In December, the average price of newly sold homes jumped year-over-year to $509,648 per unit, a 5.9% hike. This hike is higher than the 5.6% bump in November year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. It gained to $357,604 in December, a 30.2% surge. In November 2013, average mortgage size grew 3.3% from a year earlier.