Recent Figures Show New Home Sales and Prices Rise in Panama City
Posted on: Dec 06, 2013 07:35:43 AM
New home closings in the Panama City, FL market grew year-over-year in September, but the increase was less than August 2013. New home closings moved from 17 a year earlier to 33 after the figure moved from 14 in August 2012 to 29 in August 2013.
A total of 267 new homes were sold during the 12 months that ended in September, up from 251 for the year that ended in August.
As a percentage of overall housing closings, new home closings accounted for 7.6%. This is better than the 4.2% of closings a year earlier. Closings of new and existing homes rose year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
In September, the average price of newly sold homes climbed 5.4% year-over-year to $277,671 per unit. This surge is smaller than the 15.9% lift in August year-over-year.
In September 2013, average mortgage size on newly sold homes moved from $235,051 to $233,741 from September 2012. Average mortgage size on new homes went from $208,660 in August 2012 to $245,586 in August 2013.