Prices of New Homes Rise in Orlando, Sales Decrease According to Freshest Data
Posted on: Aug 08, 2014 11:40:44 AM
New home closings slid year-over-year in May in the Orlando, FL market, a downhill move after a hike in April 2014. New home closings saw a 11.7% fall from a year earlier to 596. This came after a 10.8% hike year-over-year in April.
A total of 7,684 new homes were sold during the 12 months that ended in May, down from 7,763 for the year that ended in April.
New home closings made up 11.1% of overall housing closings. As a part of the whole, new home closings were 11.6% 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 per-unit price of newly sold homes rose year-over-year to $295,806 in May, up 15.8% from last year. This surge is smaller than the 16.8% boost in April year-over-year.
The average mortgage size on newly sold homes jumped year-over-year along with the average price of new homes. It increased to $244,491 in May, a 16.6% hike. Average mortgage size grew 19.5% in April 2014 from a year earlier.