Latest Numbers For Panama City Show New Home Closings and Prices Increase
Posted on: Jul 06, 2014 07:27:55 AM
The Panama City, FL market saw an increase in closings of new homes in April year-over-year, rebounding from a year-over-year decline in March 2014. New home closings moved from 11 a year earlier to 14 after the figure moved from 27 in March 2013 to 18 in March 2014.
A total of 243 new homes were sold during the 12 months that ended in April, up from 240 for the year that ended in March.
New home closings were 14 out of the 435 total closings, a move on a percentage basis from 11 of 465 a year earlier. Following a year-over-year decline in March, closings of new and existing homes also dropped year-over-year in April.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $299,775 from $243,127 a year ago. This followed a 18.9% boost in March year-over-year.
Average mortgage size on new homes increased to $274,902 from $219,872 last year. In March 2014, average mortgage size gained 10.0% from a year earlier.