New Home Sales and Prices Both Increase in Orlando According to Latest Data
Posted on: Apr 06, 2014 07:31:26 AM
In the Orlando, FL market in January, closings of new homes increased year-over-year, but the market seemed to show signs of evening out as the percentage climbed was less than in December 2013. Closings climbed 12.9% from a year earlier to 498. This followed a 36.4% climb year-over-year in December.
A total of 7,488 new homes were sold during the 12 months that ended in January, up from 7,431 for the year that ended in December.
New home closings represented 12.7% of overall housing closings. This is an increase on a percentage basis, as new home closings were 10.2% of total closings a year ago. Closings of new and existing homes sank year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $286,010 per unit in January, up 16.9%from a year earlier. This gain is higher than the 12.5% rise in December year-over-year.
The average mortgage size on newly sold homes saw a hike year-over-year along with new home prices. Average mortgage size increased 17.3% to $241,864 in January from a year earlier. In December 2013, average mortgage size grew 8.4% from a year earlier.