New Home Sales and Prices Both Increase in Palm Bay According to Newest Data
Posted on: Jul 06, 2014 07:27:38 AM
There was an increase in closings of new homes in the Palm Bay, FL market in April year-over-year, and with a stronger lift in comparison with March 2014, the market seems to be strengthening. Closings rose 48.3% from a year earlier to 86. This came after a 21.7% hike year-over-year in March.
A total of 911 new homes were sold during the 12 months that ended in April, up from 883 for the year that ended in March.
Out of all housing closings, new home closings made up 5.6%. This marks a rise from 3.9% of total closings a year earlier. For new and existing homes, closings climbed year-over-year in April after also increasing in March year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes climbed year-over-year 35.1% in April to $258,238 per unit. This rise follows a move from $225,223 per unit in March 2013 to $226,694 in March 2014.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In April 2014, the average mortgage size on newly sold homes saw a 23.9% surge from a year earlier. Average mortgage size rose 9.8% in March 2014 from a year earlier.