Latest Numbers For Tallahassee Show New Home Closings and Prices Increase
Posted on: Jul 06, 2014 07:36:39 AM
Closings of new homes rose year-over-year in April in the Tallahassee, FL market, rebounding from a year-over-year decline in March 2014. New home closings moved from 17 a year earlier to 18 after the figure moved from 11 in March 2013 to 9 in March 2014.
A total of 171 new homes were sold during the 12 months that ended in April, up from 170 for the year that ended in March.
Out of all housing closings, new home closings made up 4.5%. This is an increase on a percentage basis, as new home closings were 3.1% of total closings a year ago. Following a year-over-year increase in March, closings of new and existing homes fell year-over-year in April.
Pricing and Mortgage Trends
For newly sold homes, the average price rose 17.6% year-over-year in April to $261,378 per unit. This gain compares to a 8.8% fall in March from a year earlier.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. The average mortgage size saw a 24.6% bump year-over-year to $247,171 in April. Average mortgage size on new homes went from $225,513 in March 2013 to $197,918 in March 2014.