Recent Numbers For Palm Bay Show New Home Closings and Prices Increase
Posted on: Mar 06, 2014 07:32:06 AM
There was a rise in closings of new homes in the Palm Bay, FL market in December year-over-year, moving upward off a fall in November 2013. Closings gained 32.8% from a year earlier to 81. This came after a 14.7% decline year-over-year in November.
A total of 842 new homes were sold during the 12 months that ended in December, up from 822 for the year that ended in November.
As a percentage of overall housing closings, new home closings accounted for 7.2%. This is an increase on a percentage basis, as new home closings were 5.7% of total closings a year ago. Following a year-over-year increase in November, closings of new and existing homes also increased year-over-year in December.
Pricing and Mortgage Trends
The average price of new homes climbed year-over-year 7.4% in December to $219,329 per unit. This surge is smaller than the 13.3% bump in November year-over-year.
The average mortgage size on newly sold homes saw a lift year-over-year along with new home prices. It increased 6.6% in December from a year earlier to $192,421. In November 2013, average mortgage size gained 22.8% from a year earlier.