Recent Numbers Show Prices of New Homes Rise in Panama City, Sales Decline
Posted on: Apr 06, 2014 07:32:17 AM
Closings of new homes fell year-over-year in January in the Panama City, FL market, but the decline was less than the year-over-year decline in December. New home closings moved from 15 a year earlier to 13 after the figure moved from 23 in December 2012 to 16 in December 2013.
A total of 250 new homes were sold during the 12 months that ended in January, down from 252 for the year that ended in December.
New home closings were 13 out of the 322 total closings, same on a percentage basis as a year earlier. Closings of new and existing homes slid year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $259,902, an increase from $219,676 a year earlier. This was on the heels of a 15.0% hike in December year-over-year.
Average mortgage size on new homes increased to $246,540 from $216,451 last year. Average mortgage size grew 19.1% in December 2013 from a year earlier.