Latest Figures Show New Home Prices Rise, Sales Decline in Palm Bay
Posted on: May 06, 2013 07:27:44 AM
In February, there was a decline year-over-year in new home closings in the Palm Bay, FL market, sliding down after a hike in January 2013. New home closings saw a 17.5% fall from a year earlier to 52 after closings gained 35.0% in January from the year earlier.
A total of 695 new homes were sold during the 12 months that ended in February, down from 706 for the year that ended in January.
Compared to a year earlier, new home closings reflected 4.5% of overall housing closings, down from 6.6% last year. Following a year-over-year increase in January, closings of new and existing homes also climbed year-over-year in February.
Pricing and Mortgage Trends
In February, the average price of newly sold homes increased to $214,872 per unit, a 1.9% rise year-over-year. This is a turnaround from the 11.0% drop in January from a year earlier.
There was a rise year-over-year in the average mortgage size on new homes along with new home prices. In February 2013, the average mortgage size on newly sold homes saw a 1.7% rise from a year earlier. In January 2013, average mortgage size on newly sold homes saw an 8.3% decline from a year earlier. The overall percentage of sale price that was being financed went from 90.7% of average price to 90.6% from a year earlier. This came after a 2.8 percentage point rise in January from the year earlier.