Freshest Numbers Show Prices of New Homes Climb in Panama City, Sales Decrease
Posted on: Mar 06, 2014 07:32:25 AM
Closings of new homes slid year-over-year in December in the Panama City, FL market, but the decline was less than the year-over-year decline in November. New home closings moved from 23 a year earlier to 16 after the figure moved from 22 in November 2012 to 13 in November 2013.
A total of 252 new homes were sold during the 12 months that ended in December, down from 259 for the year that ended in November.
New home closings were 4.1% of total number of closings, same as last year. After rising year-over-year in November, closings of new and existing homes slid year-over-year in December.
Pricing and Mortgage Trends
The average price of newly sold homes gained year-over-year 15.0% in December to $286,696 per unit. This gain is better than the 11.0% boost in November year-over-year.
Average mortgage size on new homes rose year-over-year along with new home prices. Average mortgage size rose 19.1% to $269,810 in December from a year earlier. Average mortgage size on new homes went from $231,558 in November 2012 to $248,291 in November 2013.