New Home Closings and Prices Decrease in Pensacola - August 2014
Posted on: Aug 09, 2014 07:02:05 AM
The Pensacola, FL market saw a drop in new home closings year-over-year in May, and the decline was by a larger percentage than the April 2014. New home closings moved from 44 a year earlier to 8 after the figure moved from 56 in April 2013 to 13 in April 2014.
A total of 340 new homes were sold during the 12 months that ended in May, down from 376 for the year that ended in April.
New home closings represented 8 out of the 742 total closings, which is a smaller percentage than the 44 of 892 total closings a year earlier. After rising year-over-year in April, closings of new and existing homes declined year-over-year in May.
Pricing and Mortgage Trends
The average value of newly sold homes in May 2014 was $154,200, down from last year's $197,953. This was on the heels of a move from $152,279 per unit to $150,800 from April 2013 to April 2014.
Average mortgage size on new homes fell from $173,469 to $133,482. Average mortgage size on new homes went from $129,039 in April 2013 to $141,787 in April 2014.