New Home Sales Gain in Pensacola, Prices Fall According to Freshest Data
Posted on: May 06, 2013 07:28:16 AM
In the Pensacola, FL market, closings of new homes climbed year-over-year in February, and the percentage surge was an improvement from January 2013, suggesting the market may be gaining momentum. New home closings saw a boost of 54.8% from the year earlier to 65. This came after a 36.8% boost year-over-year in January.
A total of 938 new homes were sold during the 12 months that ended in February, up from 915 for the year that ended in January.
As a percentage of overall housing closings, new home closings made up 10.7%. This is up from the 8.7% of closings a year earlier. For new and existing homes, closings increased year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes fell by 5.0% year-over-year to $179,487 per unit in February. This decline is a drop off from the 10.8% decline in January from a year earlier.
The average mortgage size on newly sold homes fell year-over-year in contrast to the average price of new homes. In February 2013, average mortgage size on new homes sold was $155,036, down 12.0% from a year earlier. Average mortgage size dipped 9.7% in January 2013 from a year earlier. For new home closings, the percentage of the sale price that was being financed declined 6.9 percentage points year-over-year to 86.4% in February 2013. This came after a 1.1 percentage point rise in January from a year earlier.