New Home Closings and Prices in Miami Decrease According to Recent Figures
Posted on: May 06, 2013 07:23:35 AM
New home closings in the Miami, FL market sank year-over-year in January, and the percentage drop was steeper than December 2012. Closings dropped 33.3% from a year earlier to 275, relative to a 23.5% drop in December from the year earlier.
A total of 5,400 new homes were sold during the 12 months that ended in January, down from 5,537 for the year that ended in December.
A year earlier, new home closings accounted for 3.9% of overall housing closings and the percentage declined to 2.3% of closings in January 2013. Following a year-over-year increase in December, closings of new and existing homes also grew year-over-year in January.
Pricing and Mortgage Trends
The average price of new homes fell 8.6% year-over-year in January to $400,250 per unit. This marks a downturn from the 4.1% rise in December year-over-year.
For newly sold homes, the average mortgage size rose year-over-year in contrast to new home prices. In January 2013, there was a 1.1% rise in the average mortgage size, reaching $276,505. In December 2012, average mortgage size on newly sold homes saw a 1.9% decline from a year earlier. Of the overall sale price, the percentage that was being financed increased 6.6 percentage points year-over-year to 69.1% in January 2013. This came after a 3.7 percentage point decline in December from a year earlier.