Latest Numbers For Palm Bay Show New Home Closings and Prices Rise
Posted on: Dec 06, 2013 07:35:23 AM
Closings of new homes rose year-over-year in September in the Palm Bay, FL market, and the market seemed to be improving as the percentage boost was larger than that of August 2013. There was a more than twofold hike in new home closings from a year earlier. This was after the housing market saw a 68.3% climb year-over-year in August.
A total of 887 new homes were sold during the 12 months that ended in September, up from 839 for the year that ended in August.
New home closings accounted for 7.3% of overall housing closings. This marks a rise from 4.4% of total closings a year earlier. Following a year-over-year increase in August, closings of new and existing homes also jumped year-over-year in September.
Pricing and Mortgage Trends
In September, the average price of newly sold homes rose year-over-year to $211,879 per unit, a 3.5% bump. This surge compares to a 18.7% drop in August from a year earlier.
The average mortgage size on newly sold homes saw a gain year-over-year along with new home prices. In September 2013, the average mortgage size on newly sold homes saw a 13.0% hike from a year earlier. In August 2013, average mortgage size on newly sold homes saw a 13.3% decline from a year earlier.