Freshest Numbers For Orlando Show New Home Closings and Prices Increase
Posted on: May 06, 2013 07:27:20 AM
In February, there was an increase in closings of new homes in the Orlando, FL market year-over-year, but the market seemed to show signs of stabilizing as the percentage rose was less than in January 2013. Closings rose 33.2% from a year earlier to 485, relative to a 57.3% jump in January from the year earlier.
A total of 5,700 new homes were sold during the 12 months that ended in February, up from 5,579 for the year that ended in January.
As a percentage of overall housing closings, new home closings represented 12.4%. This marks a rise from 9.9% of total closings a year earlier. For new and existing homes, closings increased year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 12.7% hike year-over-year to $240,265 per unit in February. This rise is smaller than the 15.8% boost in January year-over-year.
Average mortgage size on new homes gained year-over-year along with new home prices. In February 2013, there was a 13.9% surge in the average mortgage size, reaching $204,769. In January 2013, average mortgage size on newly sold homes saw a 12.8% hike year-over-year from a year earlier. For newly sold homes, the percentage of sale price being financed moved from 84.3% of average price to 85.2% from a year earlier. In January 2013, there was a 2.3 percentage point decline from the year earlier.