Freshest Figures Show New Home Sales and Prices Rise in Naples
Posted on: Aug 08, 2014 11:38:25 AM
Closings of new homes in the Naples, FL market increased year-over-year in May, but there were signs of market leveling as the percentage hike was less than April 2014. New home closings saw a hike of 17.0% from the year earlier to 172. In comparison, new home closings in the same month last year saw a 59.6% rise year-over-year in April.
A total of 1,806 new homes were sold during the 12 months that ended in May, up from 1,781 for the year that ended in April.
As a percentage of overall housing closings, new home closings made up 10.1%. This is a lift from 8.0% of closings a year earlier. Following a year-over-year increase in April, closings of new and existing homes fell year-over-year in May.
Pricing and Mortgage Trends
The average price of new homes gained year-over-year 24.8% in May to $588,816 per unit. This surge is better than the 10.9% rise in April year-over-year.
Average mortgage size on new homes rose year-over-year along with new home prices. In May 2014, average mortgage size gained 26.6% from a year earlier to $351,001. In April 2014, average mortgage size on newly sold homes saw a 15.4% boost year-over-year from a year earlier.