New Home Prices Increase in Sebastian According to Latest Figures, Sales Decrease
Posted on: Aug 08, 2014 11:49:27 AM
New home closings fell year-over-year in May in the Sebastian, FL market, a drop following an increase in April 2014. There was a 21.6% decline in new home closings from a year earlier. This came on the heels of a 14.3% boost year-over-year in April.
A total of 348 new homes were sold during the 12 months that ended in May, down from 356 for the year that ended in April.
As a percentage of overall housing closings, new home closings represented 5.1%. This is down from the a year earlier when new home closings made up 6.5% of total closings. After increasing in April from a year earlier, closings of new and existing homes remained level in May.
Pricing and Mortgage Trends
The average price of new homes rose year-over-year 23.2% in May to $250,504 per unit. This gain is higher than the 7.7% lift in April year-over-year.
There was a rise year-over-year in the average mortgage size on new homes along with new home prices. In May 2014, the average mortgage size was $172,614, up 8.4% from a year earlier. Average mortgage size rose 25.2% in April 2014 from a year earlier.