New Home Sales Drop in Palm Bay According to Latest Data
Posted on: Aug 08, 2014 11:41:14 AM
In the Palm Bay, FL market, closings of new homes declined year-over-year in May, swinging downward off a year-over-year boost in April 2014. New home closings saw a 4.2% drop from a year earlier to 68. This came after a 47.4% climb year-over-year in April.
A total of 889 new homes were sold during the 12 months that ended in May, down from 892 for the year that ended in April.
New home closings represented 4.0% of overall housing closings. They accounted for 4.2% of closings a year earlier. Closings of new and existing homes stayed level after increasing in April year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes moved to $226,898 in May 2014 from $225,540 in May 2013. This followed a 37.3% gain in April year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. It climbed to $210,112 in May, a 3.7% rise. In April 2014, average mortgage size on newly sold homes saw a 23.7% gain year-over-year from a year earlier.