Prices of New Homes Increase in Palm Bay, Sales Fall According to Newest Data
Posted on: Apr 06, 2014 07:31:58 AM
Closings of new homes declined year-over-year in January in the Palm Bay, FL market, a shift downward off a rise in December 2013. Closings declined 10.7% from a year earlier to 50. This came on the heels of a 30.2% hike year-over-year in December.
A total of 845 new homes were sold during the 12 months that ended in January, down from 851 for the year that ended in December.
Out of all housing closings, new home closings made up 4.6%. A year ago, new home closings made up 5.4%. Following a year-over-year increase in December, closings of new and existing homes also rose year-over-year in January.
Pricing and Mortgage Trends
In January, the average price of newly sold homes rose 12.6% year-over-year to $212,667 per unit. This lift is higher than the 4.3% hike in December year-over-year.
There was a surge year-over-year in the average mortgage size on new homes along with new home prices. In January 2014, average mortgage size jumped 15.4% from a year earlier to $209,596. It went from $188,982 to $190,580 from December 2012 to December 2013.