Newest Numbers For Miami Show New Home Closings and Prices Climb
Posted on: Jul 06, 2014 07:23:35 AM
In the Miami, FL market, closings of new homes climbed year-over-year in March, and the percentage surge was better than February 2014, suggesting the market may be strengthening. New home closings saw a jump of 7.9% from the year earlier to 467. This came on the heels of a 6.8% jump year-over-year in February.
A total of 5,636 new homes were sold during the 12 months that ended in March, up from 5,602 for the year that ended in February.
Out of all housing closings, new home closings made up 3.2%. A year ago, new home closings represented 3.1%. Closings of new and existing homes jumped year-over-year in March after also rising in February year-over-year.
Pricing and Mortgage Trends
For newly sold homes, the average price grew 2.7% year-over-year in March to $435,055 per unit. This gain compares to a 10.1% drop in February from a year earlier.
There was a surge year-over-year in the average mortgage size on new homes along with new home prices. The average mortgage size rose to $316,906 in March, marking a 4.7% lift compared with a year earlier. In February 2014, average mortgage size on newly sold homes saw a 10.5% surge year-over-year from a year earlier.